On Air Now

Tune in to Listen

93.9 FM Hibbing, MN

Weather

Current Conditions(Hibbing,MN 55746)

More Weather »
40° Feels Like: 40°
Wind: SSE 0 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Sunny 73°

Tonight

Partly Cloudy 51°

Tomorrow

Mostly Cloudy 70°

Alerts

  • 0 Severe Weather Alerts
  • 0 Cancellations

Israel's Mobileye starts road show for $500 million NYSE IPO

JERUSALEM (Reuters) - Mobileye N.V., which makes software and cameras that help cars avoid accidents, said on Monday it has launched a road show for its U.S. initial public offering of around $500 million.

The Israeli based company will sell 27.75 million shares - 8.325 million by Mobileye itself and another 19.425 million by the selling shareholders.

Mobileye said it expects the IPO on the New York Stock Exchange to price at $17 to $19 a share and list under the symbol MBLY. That would bring in proceeds of $472 million to $527 million.

The selling shareholders have also granted the underwriters an option to purchase up 4.16 million additional shares to cover any over-allotments.

Goldman Sachs and Morgan Stanley are lead underwriters.

The company's collision-avoidance technology is used in more than 3 million vehicles made by the likes of BMW and General Motors.

Mobileye's systems include a windshield-mounted camera that takes pictures of what is in front of the driver. The images are processed and, in real-time, a small device on the dashboard gives the driver audio-visual warnings.

Amnon Shashua, the firm's chairman, and Ziv Aviram, its chief executive, each own 9 percent in the company.

Mobileye's other top shareholders include Goldman Sachs Group Inc, Fidelity Investments, BlackRock, and Enterprise Holdings, the No 1 U.S. car rental company.

Mobileye's revenue doubled to $81.2 million for the year ended Dec. 31. The company swung to a profit of about $20 million in the year from a loss of $53 million a year earlier.

(Reporting by Steven Scheer)

Comments