Suicide drone company UVision plans Nasdaq IPO

Israeli businessman Aaron Frenkel is planning a Nasdaq IPO for UVision Air, the company he fully controls that specializes in missiles and suicide drones. UVision aims to raise money at a company valuation of $3-3.5 billion.

The company will publish an initial prospectus next month, based on its first-quarter financial report. UVision had explored bringing in Israeli institutional investors in recent months but decided to proceed with the offering without them after they demanded a significantly lower valuation than the company is targeting.

For Frenkel, who is expected to sell some of his shares in the offering, this represents a substantial increase in valuation from his initial investment about 15 years ago. In 2011, Frenkel acquired the company for an estimated $110 million.

UVision, based in Emek Hefer, employs over 250 people and has an order backlog of approximately $370 million. Its "Hero" series products, including advanced suicide drones and missiles, are sold to more than 30 armies globally. The largest model, the Hero 1250, features a 50-kilogram warhead, a range exceeding 200 kilometers, and an operational duration of up to 10 hours.