Israel's Mobileye prepares for Nasdaq IPO -report

TEL AVIV, March 24 Mon Mar 24, 2014 8:19am EDT

TEL AVIV, March 24 (Reuters) - Mobileye, whose collision-avoidance technology has been adopted in cars made by the likes of BMW and General Motors, is planning an initial public offering on Nasdaq this year, the Calcalist financial news website said on Monday.

According to Calcalist, Mobileye will raise about $500 million based on a company valuation of $2.5-$3 billion, which would make it the largest Nasdaq IPO by an Israeli company this year.

Company officials could not immediately be reached for comment.

Founded in 1999 by an Israeli businessman and a professor of computer science at the Hebrew University of Jerusalem, Mobileye last year raised money from five investors that valued its equity at $1.5 billion.

The company said at the time that the five equity investments totaled about $400 million. The figures provided by the company imply that the five investors collectively acquired roughly a 27 percent stake in Mobileye.

Mobileye, which is registered in Holland, was founded by Chairman Amnon Shashua and Chief Executive Ziv Aviram. Each holds 10 percent of the company, a large portion of which they plan to offer for sale as part of the IPO, Calcalist said.

The company's shareholders include Goldman Sachs, Fidelity Investments, Wellington Management Co, BlackRock, China's Sailing Capital Management and car rental company Enterprise Holdings, Calcalist said.

Mobileye's systems include a camera mounted on the windshield that takes pictures of what is in front of the driver. A chip, manufactured by STMicroelectronics, processes the images and in real-time issues audio-visual warnings to drivers on a small device on the dashboard. (Reporting by Tova Cohen)