Fleetmatics Group's (NYSE: FLTX ) 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 (NYSE: BCS ) .
At the moment, Fleetmatics Group has just under 35.4 million shares outstanding, and its stock trades at $45.83 per share.