Israel's Mobileye files U.S. prospectus in quest to raise $100 million in IPO
Company revenue doubled in 2013 to $81.2 million, with an operating profit of $15.2 million for the year.
Mobileye, an Israeli company making software and cameras that help cars avoid collisions, filed with U.S. regulators on Thursday to raise up to $100 million in an initial public offering.
The latest public prospectus, which followed an earlier confidential filing, provided information about Mobileye’s earnings over the past several years, but it is failed to provide confirmation of assessments that the IPO would be based on a company valuation of $3.5 billion to $5 billion.
Mobileye’s systems, which are used in more than three million vehicles, include a windshield-mounted camera that takes pictures of what is in front of the driver. The images are processed in real-time and enable a small device on the dashboard to give the driver audio-visual warnings.
The company was founded in 1999 by Amnon Shashua, a professor of computer science at the Hebrew University of Jerusalem, and businessman Ziv Aviram. Shashua is now the chairman and Aviram the chief executive of Mobileye.
Each has a stake of about 9% in the company. Leumi Ventures has another 3% stake. Mobileye’s revenue doubled in 2013 to $81.2 million, and the company swung to an operating profit of $15.2 million for the year, from an operating loss of $1.7 million a year earlier. The company intends to list its common stock on the New York Stock Exchange.
With reporting from Michael Rochvarger.
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