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 outstanding shares, or 57.27% if the option is fully exercised, Karooooo said.

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

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