Israeli businessman Aaron Frenkel is planning a Nasdaq IPO for missiles and suicide drones company UVision Air, which he fully controls. UVision will try to raise money at a company valuation of $3-3.5 billion.
UVision will publish an initial prospectus next month, “Globes” has learned, ahead of completion of the move based on its first quarter financial report. This is after the company examined in recent months the possibility of bringing in Israeli institutional investors before the offering, at a valuation similar to those it is targeting in the flotation. However, after the institutions demanded a much lower valuation, the company decided to promote the move without them.
For Frenkel, who it is believed sell some of his shares in the company as part of the offering, this is a significant increase in valuation over the original investment he made about 15 years ago. In 2011, Frenkel acquired the company for an estimated $110 million.
Order backlog of about $370 million
The company, which is based in Emek Hefer has more than 250 employees, it is estimated, and an order backlog of about $370 million. UVision’s products, which include various advanced suicide drones and missiles, under the name “Hero”, are sold to over 30 armies and countries around the world.
For the past 18 months, UVision’s CEO has been by Dr. Ran Gozali, who previously held a number of senior positions at Rafael Advanced Defense Systems. The company’s chairman is Ilan Gifman, a close associate of Frenkel, who previously served as CEO of real estate company Aspen Group and retired about a decade ago. Gifman, an accountant by profession, has been close to Frenkel ever since, and assists him in managing his real estate in Europe. He serves on his behalf as a director of the investments he made in Israel (currently in Alony Hetz, and before that in Bayside).
In October 2025, UVision signed a huge deal with US company Mistral to supply suicide drones to the US Army for $982 million, in a multi-year contract starting in 2026. The contract includes the procurement of the equipment, its integration into the field forces of the US Army, training and exercises, as well as ongoing maintenance of the systems. The Americans chose the UVision Hero 120 model, which has a maximum range of 60 kilometers and an operating time of about an hour. The Hero models have a system that allows the remote operator to see what the loitering weapon sees, through electro-optical and infrared cameras. The operator can make minor course corrections to the aircraft, or decide to cancel the mission if, for example, innocent bystanders appear. The loitering munitions can also be launched at targets and can carry out the mission from start to finish autonomously, or transfer operations to a field unit to increase the coordination and efficiency of the forces.
Published by Globes, Israel business news – en.globes.co.il – on June 21, 2026.
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