Intel’s Self-driving Tech Company “Mobileye” Files for US IPO

October 03, 2022 By Omal J

(Image Credit Google)

Intel Corp. has filed for an initial public offering of Mobileye Global Inc, its self-driving technology business, which produces chips, maps, and software for self-driving cars. According to the filing with the US Securities and Exchange Commission, Mobileye intends to list Class A common stock, but does not specify the number of shares or the price range for the proposed offering. According to the filings, Intel will retain ownership of Class B shares, which have ten times the voting power of Class A shares, giving it control over the company's board of directors and other decisions. Intel anticipates that the IPO will value Mobileye at up to $30 billion. According to Mobileye's filing, the Israeli subsidiary's revenue increased significantly from $879 million in 2019, to $967 million in 2020, to $1.39 billion last year. Losses have decreased from $328 million in 2019 to $75 million in 2018. Intel’s Self-driving

The decision to list Mobileye on the Nasdaq is part of Intel's larger strategy to revitalize its core business. Intel paid $15.3 billion for Mobileye in 2017, and the company had previously announced plans to go public this year. Intel previously stated that some funds from the Mobileye listing would be used to build more chip factories as it embarks on a capital-intensive process to become a foundry for other chipmakers. Mobileye, which was founded in 1999, has collaborated with Audi, BMW, Volkswagen, General Motors, and Ford to develop advanced driving and safety features such as driver assist and lane-keeping that use the company's "EyeQ" camera, chips, and software. According to the filing, Mobileye CEO Amnon Shashua stated that 50 companies are currently using the company's technology across 800 vehicle models. Intel's Self driving Tech Company Mobiley

Intel's Self driving Tech Company Mobiley

If it is listed this year, it will be one of the largest US offerings in 2022. Since January 1, only two companies have raised $1 billion or more on New York exchanges, compared to 45 in 2021. The US share of IPOs fell to less than a seventh of the global total this year, down from half in 2021. Mobileye would also be following in the footsteps of Porsche AG's market-beating IPO this week in Frankfurt. This year's €9.4 billion ($9.2 billion) listing is the world's second largest this year and the largest since stock markets began their volatility- and inflation-driven decline in January.

By Omal J

I worked for both print and electronic media as a feature journalist. Writing, traveling, and DIY sum up her life.

Intel’s Self-driving Tech Company “Mobileye” Files for US IPO

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