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FleetMatics Gets Boost in IPO Debut

(Reuters) – Shares of FleetMatics Group Plc rose as much as 36 percent on their debut, a day after the Irish fleet management software provider priced its initial public offering at the high end of its expected price range.

FleetMatics, whose rivals include Trimble Navigation Ltd, offers GPS fleet tracking software to small and medium-sized businesses that own fleets of commercial vehicles.

The company raised $133 million from its IPO by pricing 7.8 million ordinary shares at $17 each. It expected its IPO to be priced between $15 and $17 per share.

The company had more than 16,000 customers deploying its service in 281,000 vehicles as of June 30.

FleetMatics, the portfolio company of Investcorp SA INBSCS.UL, sells its products under both the Fleetmatics and SageQuest brands.

BofA Merrill Lynch, Barclays Capital, RBC Capital, Stifel Nicolaus and William Blair were the underwriters for the offering.

Shares of the Dublin-based company were up 32 percent at $22.43 in morning trading on the New York Stock Exchange. They touched a high of $23.17 earlier.

Investors in the company include Institutional Venture Partners, Investcorp Technology Partners and New World Ventures.

(Reporting by Neha Dimri in Bangalore)

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