Frankel moves UVision toward Nasdaq IPO at up to $4 billion valuation

UVision Air, the defense company controlled by Aaron Frankel, is advancing to its next fundraising stage. According to the report, the company is expected to publish a prospectus in the second week of July and then begin a roadshow lasting several weeks, with an IPO on Nasdaq planned for July or August at a valuation of $3.5 billion to $4 billion.

The move follows Frankel's failure to reach terms with Israeli institutional investors in a pre-IPO round. He had sought to bring in 3 to 4 institutions, and later offered 5% to 10% of the company with downside protection mechanisms, but the institutions were willing to invest only at about $2.9 billion. The closest to a deal were Leumi Partners and Phoenix, while the main talks involved Clal Insurance, Migdal Insurance, Meitav, and Mor Gamlapension.

UVision plans to raise between $500 million and $1 billion, depending on demand. A substantial part of the proceeds is intended to repay shareholder loans Frankel has extended over the years, and the IPO is also expected to include a large secondary offering in which he will sell some of his holdings. JPMorgan is leading the deal, with Barak-Leumi handling the Israeli side, and the roadshow is set to begin in Israel before continuing in the United States and Europe.

The company is pitching investors on its loitering munitions business and on a major contract signed in October 2025 with U.S. company Mistral for the U.S. Army, worth $982 million over five years. UVision, acquired by Frankel in 2010 through Magnos and operating in its current form since 2011, has been run for the past year and a half by CEO Ran Gozali. The board is chaired by retired Maj. Gen. Yair Naveh, and the company says it has become a major global player in the HERO family of attack drones.