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Largest Israeli IPO in US Mobileye Raised $890 Million with $7.6 Billion Value



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Founded 15 years ago by Hebrew University professor Amnon Shashua and Ziv Aviram,  Mobileye NV (MBLY), developer of camera-based Advanced Driving Assistance Systems,  and existing shareholders, sold 35.6 million shares for $25 each, above the high end of the marketed range. 

The company has increased its price range this week to $21 to $23 apiece. At the IPO price, Mobileye has a market value of $7.6 billion.

Mobileye expects to use the net proceeds of the offering for general corporate purposes and to purchase EyeQ chip inventory.

This success makes Mobileye the sixth largest Israeli company on Wall Street. The other companies were: Stratasys Inc. (Nasdaq: SSYS)  3D printer manufacturer, Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) far behind, and NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE),   Check Point Software Technologies Ltd. (Nasdaq:CHKP) and Ltd. (Nasdaq: WIX).

Mobileye makes a chip and a system that alert drivers to pedestrians and unintended lane departures. The company’s products will help enable hands-free driving on the highway by 2016, according to the filing.

Goldman, Sachs & Co. and Morgan Stanley & Co. LLC are acting as lead book-running managers for the offering.

The Technology

Mobileye developed software and related technologies for camera-based Advanced Driver Assistance Systems, which keeps passengers safer on the roads, reduces the risks of traffic accidents, saves lives.

The proprietary software algorithms and EyeQ chips perform detailed interpretations of the visual field in order to anticipate possible collisions with other vehicles, pedestrians, cyclists, animals, debris and other obstacles. Mobileye’s products are also able to detect roadway markings such as lanes, road boundaries, barriers and similar items, as well as to identify and read traffic signs and traffic lights. The system integrated into car models from 20 global automakers including BMW, Ford, General Motors, Honda, Nissan and Volvo.  The products are also available in the aftermarket.



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