Mobileye, the self-driving technology company that Intel bought for $15.3 billion in 2017, has filed with the Securities and Exchange Commission for an IPO. When Intel first announced its plans to take Mobileye public late last year, the autonomous driving company was expected to be valued at over $50 billion. Now, Intel expects Mobileye to be valued at around $30 billion due to rising inflation rates and poor market conditions, according to Bloomberg. Regardless, it’ll still be one of the biggest deals in the US for 2022 when the listing happens this year.
Intel intends to retain a majority stake in Mobileye, but Chief Executive Pat Gelsinger previously said an IPO would give the company an opportunity to grow more easily. He also said the company plans to use some of the IPO funds to build more chip factories. Intel unveiled its big and bold foundry ambitions in 2021 when it announced it was investing $20 billion in two manufacturing facilities in Arizona. Gelsinger even announced at the time that he was running Apple’s business. Earlier this year, the CEO announced it had earmarked an additional $20 billion to build two manufacturing facilities in Columbus, Ohio. The company anticipates that this facility will eventually become “the largest silicon production site in the world.”
Mobileye didn’t specify how much each share would cost in its SEC filing. However, it said it will use some of the proceeds it will receive from the IPO to pay down debt. The company also spoke in the filing about its history and how its revenue grew from $879 million in 2019 to $1.4 billion in 2021, a 43 percent year-over-year growth.
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