Car-tech company Mobileye soars in IPOAugust 1, 2014 @ 8:17 am
NEW YORK (AP) -- Shares of Mobileye are soaring on the Israeli car technology company's first day of public trading amid strong investor demand.
Mobileye NV makes camera-based systems designed to help reduce the risk of accidents by anticipating collisions with other vehicles, pedestrians or bicycles. Its products also detect roadway markings and they can read traffic signs and lights, according to the company's initial public offering prospectus.
Its technology is already used, or will be added, in vehicles made by major automakers such as Ford and BMW.
Mobileye had priced 36 million shares at $25 each, above an expected range of $21 to $23. The stock is listed on the New York Stock Exchange under the symbol MBLY.
On Friday, the stock jumped $13, or 52 percent, to $38 in late morning trading.
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