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Gett readying for IPO

Gett expands pre-IPO financing round to $200m. The current round is meant to last the Israeli on-demand transport services company until an IPO late this year or early next.

Source: Globes

Israeli taxi-hailing app company Gett has announced that it has raised $120 million in debt and equity and is readying for an IPO. Gett did not disclose the division between debt and equity in the current round, which follows the raising of $80 million by the company last June, for a total of $200 million at a valuation of $1.5 billion in this financing round.

Gett says that the amount raised will provide the finance required in advance of an IPO. The company declared its intention of carrying out an IPO in an e-mail message from its management to its employees last March. The flotation is expected to take place late this year or next year, but no target date has yet been set. A flotation of Gett at its valuation in the current financing round would be one of the largest by an Israeli autotech company since that of Mobileye.