Intel Raises $861M From Its Self-Driving Technology Mobileye's IPO, Starts Trading Today

Intel Raises $861M From Its Self-Driving Technology Mobileye's IPO, Starts Trading Today
  • Intel Corp INTC owned self-driving technology company Mobileye Global Inc priced 41 million shares at $21 per share to raise $861 million.
  • Private equity firm General Atlantic agreed to buy $100 million worth of shares in a private placement in conjunction with the IPO.
  • Mobileye had marketed the shares for $18 to $20 apiece, Bloomberg reported.
  • Intel scaled back expectations for its Mobileye initial public offering amid a broader stock recession.
  • Mobileye has a market value of $16.7 billion at the IPO price, surpassing the $15.3 billion Intel paid for Mobileye in 2017 while still short of the $30 billion valuation the company had sought earlier.
  • The chipmaker and its advisers believed that selling fewer shares at a reduced price may generate increased interest in the IPO.
  • The shares will likely begin trading on the Nasdaq on October 26, 2022, under the symbol "MBLY."  
  • In addition, the underwriters have a 30-day option to purchase up to 6.15 million shares.
  • A significant portion of the net proceeds from this offering will help to repay a note owed to Mobileye's parent company, Intel. 
  • Mobileye intends to use the remaining net proceeds for working capital and general corporate purposes.
  • Price Action: INTC shares traded lower by 1.14% at $27.10 premarket on the last check Wednesday.
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