Intel said Friday it had filed to list shares in its Mobileye self-driving car unit!
Intel Corp. is pressing ahead with its plans to publicly list shares in its Mobileye self-driving-car unit, giving a boost to the IPO market that has been under pressure this year from turmoil in the stock market.
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Intel, announced a Mobileye IPO!
Listing plans come during a difficult year for the IPO market.@intel said Friday it had filed to list shares in its Mobileye (nasdaq MBLY) self-driving car unit https://t.co/THgB57WKHZ
— The_Journalbiz (@the_journalbiz) October 3, 2022
Intel’s mobileye IPO
Mobileye said Friday it filed for its IPO with the Securities and Exchange Commission.
The company didn’t give an expected size for its IPO, nor did it give an anticipated price range. The Wall Street Journal last year reported Mobileye could fetch a valuation north of $50 billion, citing people familiar with the matter, though that came before the IPO market softened in recent months.
Sky-high inflation, rising interest rates and Russia’s invasion of Ukraine have sent shock waves through the stock market, putting the IPO market on pace for its worst year in decades.
Intel acquired Israeli company Mobileye in 2017 for $15.3 billion. Intel Chief Executive Pat Gelsinger has previously said the listing Mobileye would give the unit a higher profile and ability to attract more business.
Intel will retain a large stake in Mobileye, including all of the Class B shares the Mobileye plans to issue, according to the filing. Each Class B share will have voting rights equivalent to 10 Class A shares.
- Listing plans come during a difficult year for the IPO market
Mobileye, with around 3,100 employees, said it had revenue of $854 million for the first six months of its fiscal year, up 21% from the year-earlier period. The company had a loss of $67 million, it said in the disclosure.
Mobileye said it applied to list on the Nasdaq under the symbol MBLY.