Fleetmatics surges in debut on NYSE
NEW YORK (AP) — Shares of Fleetmatics jumped in their first day of trading on the New York Stock Exchange.
The company's stock rose $5.35, or 31.5 percent, to $22.35 in morning trading on Friday. The stock opened at $22.95, up 35 percent from the $17 per share that the initial public offering of 7.8 million shares was priced at.
The IPO priced at the high end of the $15 to $17 range Fleetmatics previously projected.
The offering raised $132.6 million.
Fleematics Group PLC, which provides services for commercial fleet vehicles, is offering about 6.3 million shares, and selling stockholders are offering about 1.6 million shares. The company won't receive any proceeds from the shares sold by stockholders.
Underwriters have a 30-day option to buy up to an additional 1.2 million shares.
Fleetmatics said in a filing with the Securities and Exchange Commission that it had no specific plans for its net proceeds from the offering, but it expected to use proceeds for working capital and other general corporate purposes, such as paying back debt and costs related to operating as a public company and funding marketing activities.
Fleetmatics' principal office is in Dublin, Ireland. U.S. headquarters are in Wellesley Hills, Mass.
The stock trades under the "FLTX" ticker symbol.