Israeli smart glass technology company Gauzy begins trading today on Nasdaq under the GAUZ ticker. The Tel Aviv-based company is raising $75 million at a company valuation of $319 million after pricing its shares at $17 per share, at the bottom of the range it was aiming for although the number of shares being issued is larger than initially planned.
The IPO's underwriters hold an option to buy more shares and increase the amount raised by $11.3 million. The underwriters are Barclays, TD Cowen, Stifel, B. Riley Securities, and Beech Hill Securities. Gauzy plans to use the offering proceeds for buying equipment and materials, expansion of its production capacity, R&D, advertising, marketing and more.
Gauzy was founded in 2009 by CEO Eyal Peso and its CTO Adrian Lofer. The company has developed technology that allows control of the passage of light through glass. The company is targeting the automobile and aviation markets, but believes its products have the potential to reach additional markets. According to the company, through its technological solutions it replaces traditional mechanical products. The company's headquarters are in Tel Aviv and it also has activities in Germany, France, the US, Canada, China, Singapore and Dubai.
Peso holds shares worth $14.8 million and Lofer has shares worth $5.8 million. Ibex Investors has shares worth $60 million, Infinity Holdings shares worth $23.8 million, Olive Tree shares worth $22.4 million, Blue-Red Capital shares worth $15.9 million and US company Avery Dennison holds shares worth $14.8 million.
In 2023, Gauzy had revenue of $78 million, 59% more than in the previous year. Its net loss, however, grew to $79.3 million in 2023. In the first quarter of 2024, revenue grew 41.9% to $24.7 million and the company’s net loss narrowed 28.6% from $18.5 million to $13.2 million. At the end of the quarter, it had just $2.4 million cash.
Published by Globes, Israel business news - en.globes.co.il - on June 6, 2024.
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