Intel's Mobileye IPO prices above expected range
Shares in the Mobileye IPO will beGgin trading on the Nasdaq stock exchange under the ticker M-B-L-Y
Check out what's clicking on FoxBusiness.com
Intel Corp. priced its self-driving car unit Mobileye Global's initial public offering at $21 a share, a dollar above the top of its targeted range.
Mobileye raised $861 million by selling 41 million shares, valuing the company at roughly $17 billion, according to the Wall Street Journal.
That value comes in higher than the $15.3 billion that Intel paid for the Mobileye in 2017.
When Intel announced plans to IPO the unit last year, it was looking at a possible value of $50 billion or more.
INTEL TO CUT THOUSANDS OF JOBS AS PC DEMAND SLOWS: REPORT
Mobileye driverless car logo is seen on a vehicle at the Nasdaq Market site in New York, U.S., July 20, 2021. (REUTERS/Jeenah Moon / Reuters Photos)
The Wall Street Journal previously reported that Intel was expected to price the IPO at or above the top of its $18 to $20 a share range.
The state of the markets has made pricing an IPO tricky.
IPOs in the U.S. had raised only $7.4 billion so far this year, putting 2022 on track to be the worst year for new issues in decades, according to Dealogic.
A self-driving vehicle from Mobileye’s autonomous fleet sits outside Mobileye’s autonomous vehicle workshop in Israel. (Credit: Mobileye, an Intel Company)
INTEL PLANS MOBILEYE IPO: WHAT TO KNOW
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| INTC | INTEL CORP. | 30.47 | -0.89 | -2.84% |
Mobileye's competition includes Google parent Alphabet's Waymo and Amazon.com's Zoox.
In this photo illustration, the Mobileye logo is displayed on a smartphone and in the background. ((Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images) / Getty Images)
CLICK HERE TO READ MORE ON FOX BUSINESS
Mobileye is set to start trading Wednesday on the Nasdaq stock exchange under the symbol MBLY.