Intel today announced that its Israeli self-driving cars and advanced driver-assistance systems (ADAS) unit Mobileye has confidentially filed with the US Securities and Exchange Commission (SEC) for its proposed IPO on Wall Street.
No details about the number of shares to be offered and their value or the planned date of the IPO were disclosed. A source told “Reuters” that the offering could be at a company valuation of $ 50 billion, which would make it by far the most valuable IPO ever held by an Israeli company, and ten times the valuation of Mobileye’s first IPO more than ten years.
Intel acquired Mobileye in 2017 for $ 15.3 billion, by far the largest amount ever paid for an Israeli company. In Intel’s fourth quarter financial results, the chipmaker reported that Mobileye had revenue of $ 1.4 billion in 2021, up 39% from 2020.
Mobileye currently controls 80% of the world’s ADAS market, which is its only source of revenue.
Published by Globes, Israel business news – en.globes.co.il – on March 7, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.