Ituran Location & Control Ltd., an Israeli maker of equipment for finding stolen cars, said it plans to sell shares in the U.S. for the first time.
The company has filed with the U.S. Securities and Exchange Commission to sell 4.8 million shares, according to a statement to the Tel Aviv Stock Exchange released today. The company will sell about 3.8 million shares, with the rest coming from current stockholders, the statement said.
The banks managing the offering, led by UBS AG (UBSN), have the right to sell as much as another 720,000 shares, Ituran said. JPMorgan Chase & Co. (JPM), William Blair & Co. and C.E. Unterberg, Towbin will help underwrite the offering, it said.
Ituran boosted net income by 36 percent to 28.4 million shekels ($6.4 million) in the first half on an 18 percent gain in sales to 192 million shekels. The company's products use technology developed for the Israeli Air Force to located downed pilots, according to its Web site.
Shares of Ituran rose as much as 2.90 shekels, or 1.7 percent, to 170.90 shekels in Tel Aviv. They were at 169.20 shekels at 11:45 a.m. local time, giving the company a market value of 1.06 billion shekels. The stock has risen about 32 percent so far this year, double the pace of the benchmark TA-25 Index.
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