Mobileye to be the Largest Israeli IPO in the U.S.
Mobileye, the company from Israel that makes cameras and software for driverless cars and helps cars to avoid accidents is expected to raise approximately $208.3 million from the initial offering of its IPO priced at $25, which is more than its previously known price range that hung around $21 to $23 per share. Mobileye said, that will value the company engaged in making road-safety technology at around $5.31 billion.
On Thursday the company boosted its IPO size from a former 27.8 million. From the total of 35.6 million shares that are being offered, the company itself is selling 8.33 million. The rest of the shares are being sold off by its shareholders.
The system devised by Mobileye includes a camera that is mounted on the windshield which automatically takes pictures of things that are in front of the driver, then it processes the images and further in real time a small gadget placed on the dashboard informs the driver about approaching things through audio-visual warnings.
This technological device that helps in escaping accidents is used in 3 million or more vehicles that are manufactured by General Motors Co, BMW AG and Tesla Motors Inc.