Intel autonomous driving company Mobileye goes public
Intel’s subsidiary Mobileye will soon be listed on the stock exchange. According to previous rumors, Intel expects Mobileye to be worth $ 30 billion. Mobileye develops and sells hardware and software for autonomous cars.
Mobileye delivered a document on Friday the Securities and Exchange Commission, with which it announced that it was preparing an IPO. The letter does not specify a date, only that it must take place ‘as soon as practicable’. An amount per share is also not mentioned. Mobileye is listed on the Nasdaq stock exchange.
Intel reported last December to bring al Mobileye to the stock exchange. At the time, the company said it wanted to keep a majority stake in Mobileye and that they would continue to work together on products for the automotive market. At the time, the company already indicated that the IPO would take place in the middle of this year, but was not yet final.
Reuters reported at the time based on anonymous sources that Intel expected Mobileye as a whole to be worth $50 billion. In September, however, Bloomberg wrote that this amount had been revised downwards to $30 billion. The stock market has been seen as erratic for some time now. The company even considered postponing the IPO until next year if the situation did not improve, the sources said.
Intel wants according to CNBC use the proceeds from the IPO to build more Intel chip factories. Mobileye was founded in 1999 and works together with Audi, BMW, Volkswagen, GM and Ford, among others. 50 companies now use Mobileyes technology in over 800 models. The company develops hardware and software for assistive functions, such as lane-keeping assist systems. In addition, Mobileye is working on autonomously driving cars. For example, the company wants to have robot axis driving around in Munich. Intel acquired Mobileye in 2017 for $15.3 billion. In July, the subsidiary had record quarterly sales of $460 million. Operating profit was $190 million.
A robotic axi from Mobileye in Munich