Intel's Mobileye IPO Eyes Significantly Lower Valuation - Report
1 mins read
Published on November 1, 2022
Intel Corp is eyeing a valuation that is significantly lower than previously expected for the initial public offering of its self-driving car unit Mobileye, the Wall Street Journal reported on Monday, citing people familiar with the matter.
Mobileye, which was originally expected to land a roughly $50 billion valuation, is now set to target one of under $20 billion and sell a smaller number of shares than originally planned, according to the report.
Intel declined to comment.
The lower valuation underscores the downturn in the market for new listings, with the tech IPO market facing its worst drought in nearly two decades.
Mobileye, which late last month unveiled its filing for a U.S. IPO with plans to list shares on Nasdaq under the ticker "MBLY", is still aiming for the shares to begin trading on Oct. 26, WSJ reported.
Mobileye plans to launch its roadshow for prospective investors on Tuesday, a day later than anticipated, according to the report.
Intel is slated to report its third-quarter results on Oct. 27, when the chipmaker is expected to post a drop in revenue, according to Refinitiv data, following a slump in the personal computer market and supply-chain snarls.
Intel will keep most of the money from the Mobileye IPO and use some of those funds to build more chip plants, Chief Executive Pat Gelsinger said last year.
Founded in 1999, Mobileye counts BMW, Audi, Volkswagen, Nissan, Honda and General Motors as its clients. Intel bought the company for about $15.3 billion in 2017.
Last Updated on November 1, 2022
Great Deals on Used CarsView All Used Cars
- 1,18,054 km
- 76,000 km
- 74,440 km
- 15,666 km
- 35,000 km
- 50,561 km
- 42,950 km
- 62,504 km
- 30,571 km
- 54,918 km
4 hours ago
The partnership looks to set up 7,000 electric vehicle charging stations across India.
5 hours ago
Stellantis and Ample have already established a pilot program that will begin in Madrid, Spain, in 2024 and will be using 100 Fiat 500e EVs within Stellantis Free2move car-sharing service.
6 hours ago
The one-off creation is mechanically identical to the standard Chiron Super Sport but features elements inspired by the Type 57 SC Atlantic such as the bespoke paint finish and chrome grille.
8 hours ago
Bridgestone will take over from Hankook, which is the present tyre supplier for the single-seater electric racing championship.
8 hours ago
Measures undertaken by Renault include complimentary road-side assistance, expedited insurance claim settlement and extended working hours at service centres.
9 hours ago
The imminent plan to deploy charging stations was shared by the chairman of the Adani Group Gautam Adani.
9 hours ago
Owners can avail of these services until December 31, 2023.
10 hours ago
Special services also include complimentary towing, expedited insurance claims and repairs, and special offers on new vehicles in case the car is a total loss.
11 hours ago
The S1 X+ comes with a 3 kWh battery pack and has a claimed range of up to 151 km.
1 day ago
The latest iteration gets a slew of updated features and mechanical upgrades.
-872287 second ago
Replying to customer concerns about S-Presso's safety standard, post the Global NCAP crash results, Suzuki Auto South Africa's official handles have commented on social media saying that the model sold there are safer than the ones sold in India.
-614647 second ago
Mahindra has finally announced the name of its highly-anticipated S201 and we now know that it is called the XUV300. The XUV300 will be launched in February 2019. The SUV will be based on the SsangYong Tivoli and is Mahindra's third SUV in the subcompact segment after the Nuvosport and the TUV300. The company targets a whole new set of audience with the introduction of this one and hence there's a lot of effort gone into the design as also adding comfort to the consumers.
6 days ago
Images of the next-generation Hyundai i20 have recently surfaced online, and this time around a couple of prototypes of the car have been spotted testing in India. Unlike the previously seen spy photos of the new-gen Hyundai i20, which features alloy wheels, the cars in these latest images are running on steel wheels with hub caps, but we do get a much closer look at the front section of the car.
10 days ago
SAIC President Wang Xiaoqiu and JSW Group’s Parth Jindal signed the shareholder and share purchase agreements in London.
10 days ago
It came to no one's surprise that the six-time MotoGP champion posted competitive lap times during post-season testing on his new Ducati.