08:03 AM EDT, 06/12/2025 (MT Newswires) -- Karooooo ( KARO ) said Thursday a secondary public offering of 1.5 million ordinary shares held by Chief Executive Isaias Jose Calisto has been priced at $50 per share, for gross proceeds of around $75 million.

The offering, expected to close on Friday, includes a 30-day option for underwriters to buy an additional 225,000 shares from Calisto at the same price, the company said.

Following the offering, Calisto will retain 58% of Karooooo's ( KARO ) outstanding shares, or 57.27% if the option is fully exercised, Karooooo ( KARO ) said.

The company said it is not selling any shares and will not receive any proceeds.

Karooooo ( KARO ) shares were down more than 14% in recent premarket activity Thursday.