Intel’s self-driving unit Mobileye files for U.S. IPO
2022.09.30 17:34
© Reuters. FILE PHOTO: Mobileye driverless car logo is seen on a vehicle at the Nasdaq Market site in New York, U.S., July 20, 2021. REUTERS/Jeenah Moon/File Photo
(Reuters) -Mobileye, Intel Corp (NASDAQ:)’s self-driving unit, on Friday filed for an initial public offering in the United States, revealing a 21% jump in revenue for the first half of the year.
The unit, which had confidentially filed for the offering earlier this year, revealed it has applied to list its Class A shares on Nasdaq under the ticker “MBLY.”
Intel did not reveal how much stake it will retain in the unit when it goes public, but the chip giant has previously said it will retain a majority stake.
The filing comes when investor interest in IPOs has waned significantly due to recent stock market volatility fueled by aggressive rate hikes by global central banks and geopolitical tensions.
The move to list Mobileye (F:) is part of Intel’s broader strategy under Chief Executive Officer Pat Gelsinger to turn around its core business.
Mobileye, an Israeli company that Intel bought for about $15.3 billion in 2017, uses a camera-based system with adaptive cruise control and lane change assistance in driverless cars.
Goldman Sachs (NYSE:), Morgan Stanley (NYSE:) and Citigroup (NYSE:) are among financial advisers to Mobileye.
