South African-based fleet management SaaS provider MiX Telematics sets terms for $94 million US IPO
MiX Telematics, which provides fleet and mobile management SaaS solutions, announced terms for its IPO on Monday. The Midrand, South Africa-based company plans to raise $94 million by offering 6.3 million ADSs (30% insider) at a price range of $14 to $16. At the midpoint of the proposed range, MiX Telematics would command a fully diluted market value of $500 million. MiX Telematics, which was founded in 1996 and booked $118 million in sales for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol MIXT. MiX Telematics initially filed confidentially on May 24, 2013. Raymond James and William Blair are the joint bookrunners on the deal.