Crash-avoidance Car Firm Mobileye Reportedly Eyes Monster $1b IPO

Jerusalem-based company had profits of some $35 million last year, but high IPO valuation reflects expected business growth.

The Israeli automobile collision-avoidance technology firm Mobileye is planning on raising as much as $1 billion on the Nasdaq exchange in an initial public offering of shares, The Wall Street Journal reported over the weekend. The news was confirmed by sources close to the company.