The IPO Buzz: Israel’s Gauzy Ltd. Sets Terms for $75 Million IPO

Gauzy Ltd. (GAUZ Proposed), a light and vision control company based in Israel, disclosed the terms for its $75.0 million IPO in an F-1/A filing today – Wednesday, May 29,  2024. The unprofitable company is offering 4.17 million shares at a price range of $17.00 to $19.00 to raise $75.0 million, if priced at the $18.00 mid-point of its range. Gauzy’s IPO is expected to price next week. (Please see the IPO Calendar for the pricing date.) The Israeli electronics manufacturing company would have a market cap of $333.28 million – just above the small-cap threshold – if the IPO is priced at the $18.00 mid-point. This is a NASDAQ listing. Barclays, TD Cowen, Stifel, B. Riley Securities and Beech Hill Securities are the joint book-runners. The company added B. Riley and Beech Hill to the book-running team in today’s F-1/A filing. Gauzy updated its financial statements for the period through March 31, 2024. The company reported a net loss of $74.0 million on revenue of $85.28 million for the 12 months that ended March 31, 2024. The IPO proceeds will be used for working capital, Gauzy says in the prospectus. The company was founded in 2009 by Eyal Peso, who has served as CEO and chairman since the company’s inception, and Adrian Lofer, the chief technology officer. Gauzy, based in Tel Aviv, says its light control products replace traditional mechanical products such as shades, blinds and mirrors. “Our key products include suspended particle device, or SPD, and liquid crystal, or LC, films for smart glass applications, as well as camera monitoring systems, or CMS, and other advanced driver assistance systems, or ADAS, solutions,” the prospectus says. “We have established serial production capabilities, either directly or through sub-contracts, with leading aerospace, automotive and architecture companies, including Boeing, Honda, Mercedes, Ford, BMW, and Avery Dennison,” the prospectus says. “We benefit from both secular and regulatory tailwinds that are driving the rapid adoption of light and vision control technologies. In addition to our core markets, we believe that our products may have a multitude of tangible applications in other areas such as railway, maritime, specialty vehicle, private security and consumer appliances.” In the prospectus, Gauzy cites conditions in Israel – following the attack by Hamas on Oct. 7, 2023 – as among the risk factors: “None of our production lines or capabilities have been impacted since the war broke out on October 7, 2023. We cannot currently predict the intensity or duration of Israel’s war against Hamas, nor can we predict how future developments in this war will ultimately affect our business, operations and financial condition or Israel’s economy in general.” (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.