The amount raised in the IPO of Israeli driving assistance technology company Mobileye (NYSE: MBLY) rose to over $1 billion from $890 million, after the underwriters exercised their Greenshoe option. The final total raised reached $1.023 billion.
On Thursday, the company raised $890 million at a valuation of $5.31 billion, higher than expected. On the first day of trading on Friday the share price rose steeply, closing 48% up at $37. This takes Mobileye's market cap to $7.86 billion, surpassing Amdocs (NYSE: DOX) at $7.22 billion.
Mobileye has developed a system based on an artificial vision camera that reads the road ahead and helps drivers to avoid road accidents through audible and visual warnings of situations that could lead to a collision.
Delek Automotive Systems (TASE: DLEA), which held 4.7 million shares in Mobileye after the share split on the eve of the IPO, reported today that it had sold 36% of its holding in the company and would post a gain of some NIS 250 million in its second quarter financial statements. The remainder of its holding is restricted for 180 days.
Published by Globes [online], Israel business news - www.globes-online.com - on August 3, 2014
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