Collision avoidance solutions developer Mobileye has updated the filing for its Wall Street IPO and included interesting new information - its first quarter 2014 results and a listing of its current shareholders. Mobileye, which has developed a system based on a camera and artificial vision technology for installation in cars to prevent accidents, still expects the offering at a company value of $3.5 - 5 billion.
Mobileye's first quarter revenue rose 204% from the corresponding quarter to $35.6 million. The rise in revenue stems from a rise in sales to automakers such as GM, Nissan, Ford, Hyundai, Kia, Chrysler, BMW, Volvo and Honda. Mobileye made a GAAP net loss $15.5 million compared with $3.5 million in the corresponding quarter, and a non-GAAP profit of $12.6 million compared with $1.9 million in the corresponding quarter. The company had $129.5 million cash at the end of the first quarter demonstrating that it is not desperate to raise money.
The list of shareholders shows that Goldman Sachs is the largest shareholder with 17.6% of equity and it will sell 15% of its holdings in the IPO. Colmobil chairman Dr. Shmuel Harlap (8.3%), Fidelity Fund (7.8%), Enterprise Holdings car leasing company (7.1%), and Blackrock Investments (5.7%) will not sell shares in the offering.
The company's founders chairman Prof. Amnon Shashua (9.2%) and president and CEO Ziv Aviram (9.3%) will sell 10% of their shares in the offering.
Small shareholders include Leumi Partners (2%), Psagot Provident Funds (1.3%), Leon Recanati (1.1%), Lev Leviev (0.6%), and George Horesh through Union Motors (0.4%).
Published by Globes [online], Israel business news - www.globes-online.com - on July 20, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014