Israel-based UVision Air, which develops loitering munitions, is expected to publish a prospectus in the second week of July before a roadshow for a Nasdaq IPO at a valuation of US$3.5 billion to US$4 billion.

The listing is expected in July or August after pre-IPO talks with Israeli institutional investors failed at about a US$2.9 billion valuation.

UVision seeks to raise US$500 million to US$1 billion.

Much of the proceeds is expected to repay shareholder loans from controlling shareholder Aaron Frenkel, and the IPO is also expected to include a large secondary sale by Frenkel.

UVision develops the HERO line of loitering munitions, including the man-portable HERO 30, 90, and 120, and the larger HERO 400EC, 900, and 1250, which can be launched from vehicles or ships.

Rheinmetall said the systems have been deployed by leading military forces, including unnamed North Atlantic Treaty Organization countries.

JP Morgan is leading the deal.

UVision has also highlighted a US Army award with Mistral Inc with a ceiling value of up to US$982 million under a multi-year indefinite delivery, indefinite quantity contract for the HERO 120 system, with Mistral as prime contractor and UVision Air Ltd as developer and design authority.

🔗 Source: Calcalist