From MoneyBeat:
Mutual Funds Got Head Start On Hot Mobileye IPO
As investors clamor for shares in Mobileye N.V MBLY 0.00%.’s initial public offering, the auto technology firm has already produced big paper returns for Fidelity Investments, BlackRock Inc.BLK -2.41% and Wellington Management Co. LLP.
Jerusalem-based Mobileye expects its IPO—slated to price Thursday evening—to give it a valuation more than three times what it received in an August 2013 funding round that included the three firms, according to regulatory filings and fund documents.
In roughly the same time frame, the S&P 500 is up 17% and the Russell 2000 index of small companies’ shares has gained 9.7%.
Mobileye, which makes systems that help cars detect other vehicles, pedestrians and roadway markings, and some of its early investors plan to sell 35.6 million shares for $21 to $23 apiece, raising up to $818.5 million before the potential sale of additional shares to underwriters.
In signs of strong demand for the offering, Mobileye raised its price forecast for the shares on Tuesday. Thursday morning, the company filed to increase the number of shares for sale by Mobileye’s early holders, increasing the deal’s overall size by 28%. Fidelity, BlackRock and Wellington aren’t selling any shares in the IPO....MORE
