GPS tech company set for $123m IPO

Shareholders in the Irish-headquartered FleetMatics are set to partake in the company’s $123m (€95m) IPO on the New York Stock Exchange.

The company, which offers GPS fleet tracking software to small and medium-sized businesses that own fleets of commercial vehicles, will be selling 7.7m ordinary shares for between $15 and $17 in the IPO.

The company will be selling 6.2m ordinary shares, while a number of existing shareholders will sell 1.5m ordinary shares.

According to documents filed with the Company Registration Office, Eric Murphy, Stradbrooke Rd, Blackrock, Dublin; Peter Mitchell, Alymer Rd, Newcastle, Dublin; and Kenneth Keating, Leopardstown Grove, Blackrock, Dublin; as well as two companies, Websoft and Movitec Limited, also with addresses in Dublin, are among 13 shareholders in the company.

At the mid-point of the expe-cted range, the IPO will raise $123.2m. FleetMatics expects to receive $88.5m after deducting underwriting commissions and offering expenses.

The company said its ordinary shares have been approved for listing on the NYSE under the symbol “FLTX.”

Proceeds raised will be used to pay down debt, fund marketing activities and for working capital purposes, the company said in a filing with the US Securities and Exchange Commission.

The documents lodged in advance provide details of how FleetMatics plans to spend the money it will raise from the IPO on expanding the company internationally.

“One of our key initiatives is to expand our business internationally, primarily in Europe in the near term, and we expect to hire additional personnel as we pursue this expansion,” the IPO documents state. “We may also complete strategic acquisitions to help us expand our sales and operations internationally.”

The company completed the acquisition of SageQuest to help it grow its global market share in 2010.

FleetMatics is not ruling out making further acquisitions to help grow their sales and operations internationally.

FleetMatics has posted strong growth over the last few years. It has increased the number of full-time employees from 187 at Dec 31, 2009, to 290 at Dec 31, 2010, to 408 at Dec 31, 2011, and to 446 at Jun 30, 2012.

The revenue from subscriptions has also increased from $46.1m in 2009 to $64.7m in 2010 and to $92.3m in 2011 and increased from $42.6m in the six months ended Jun 30, 2011, to $58.4m in the six months ended Jun 30, 2012.

International law firm Maples and Calder, which has offices in Ireland, Cayman Islands, and British Virgin Islands, are advising FleetMatics on the floatation.

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