Mobileye Global MBLY opened up its shares for public trading for the first time since it filed for IPO in September 2022. The company agreed to initially offer 41.00 million shares to the public at $21.00 per share. On its first day of trading, the stock increased 8.46% from its opening price of $26.71 to its closing price of $28.97.
Mobileye Global Performance On First Day of Trading
About Mobileye Global and It's IPO
Mobileye is a leader in the development and deployment of advanced driver-assistance systems (ADAS) and autonomous driving technologies and solutions.
For its IPO, MBLY agreed to offer 41.00 million shares at a price of $21.00 per share, with an insider lock-up period of 180 days, ending on April 24, 2023.
An insider lock-up period is a period of time after a company first goes public where major shareholders are not allowed to sell their shares. The insider lock-up period makes sure that the market does not get oversupplied with shares of the company.
Traders may short the stock leading up to the lockup-period expiration date in hopes that the price will fall due to an increase in supply of shares. Retail traders should be watching this stock's short interest as it moves closer to lockup expiration.
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