Fleetmatics Shares to Be Sold in Secondary Offering

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Fleetmatics Group's top shareholder is about to shed its stake in the company. Fleetmatics Investor Holdings is selling nearly 5.98 million shares of the firm in an underwritten public offering. Additionally, the issue's underwriters have been granted an option to sell 597,644 shares. Combined, those two amounts comprise the full stake held by Fleetmatics Investor Holdings. At the moment, that position represents roughly 18% of the company.

In the press release announcing the news, Fleetmatics Group stressed it will receive no monies from the offering, as it is not the selling party.

The joint book-running managers of the issue are Bank of America's Merrill Lynch, and Barclays.

At the moment, Fleetmatics Group has just under 35.4 million shares outstanding, and its stock trades at $45.83 per share.

The article Fleetmatics Shares to Be Sold in Secondary Offering originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Bank of America. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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