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FleetMatics Sets IPO Range

(Reuters) – Ireland’s FleetMatics Group Ltd said it expects to sell 7.7 million shares for between $15 and $17 each in an initial public offering of its ordinary shares.

The company, which offers GPS fleet tracking software to small and medium-sized businesses that own fleets of commercial vehicles, will be selling 6.2 million ordinary shares while the selling shareholders will offer the rest.

At the mid-point of the expected price range, the IPO will raise $123.2 million. Fleetmatics expects to receive $88.5 million, after deducting underwriting commissions and offering expenses.

The company said its ordinary shares have been approved for listing on the New York Stock Exchange under the symbol “FLTX.” The company had earlier intended to be listed under the symbol “FM.”

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

BofA Merrill Lynch, Barclays Capital, RBC Capital, Stifel Nicolaus and William Blair are the underwriters for the offering. Investors in the company include Investcorp Technology Partners, New World Ventures, and Institutional Venture Partners.

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