Mobileye IPO: Stock priced and trading on Nasdaq today after Intel spinoff

Mobileye Global Inc. is expected to begin trading on the stock market today. The debut of Intel’s self-driving tech spinoff marks the second IPO for Mobileye. It first went public in 2014, before being bought by Intel in 2017 for $15.3 billion. Here’s everything you need to know about Mobileye’s second IPO.

What is Mobileye? Mobileye is a self-driving car company that was founded in 1999. The company doesn’t manufacture any cars itself. Rather, it makes the technology that powers self-driving cars. This includes both software and hardware tech, such as the Road Experience Management mapping system and the EyeQ system-on-chip.
When is Mobileye’s IPO? Mobileye will begin trading today on Wednesday, October 26, 2022.
So this is Mobileye’s second IPO? Yes. Mobileye first went public in 2014. As Bloomberg noted at the time, it became the largest-ever IPO from an Israeli company on the U.S. stock market. It raised $890 million back then.
What is Mobileye’s IPO ticker and what exchange will it trade on? In a press release, Mobileye says it will begin trading on the Nasdaq Global Select Market under the ticker MBLY.
What are Mobileye’s IPO price and valuation? Shares of MBLY will begin trading at $21.00. Intel is making 41 million shares of the company available, meaning they are raising $861 million from the IPO. However, those 41 million shares only account for a small percentage of the stock in the company. In total, Mobileye is valued at $17 billion, reports StreetInsider. That’s $1.7 billion more than Intel paid for the company in 2017, but far from the $50 billion valuation that Intel was hoping for at the beginning of the year.
Anything else I should know? Some have criticized Intel’s decision to take Mobileye public in 2022, given that this has been a rough year for IPOs. But as Reuters reports, Intel CEO Pat Gelsinger has defended the plan, noting that the aim of Mobileye’s IPO is “to potentially move them into the market. It’s not a capital raise.” He continued: “The autonomous vehicle segment is a strong segment for growth. It’s a tough market. At the same time, we’re believing this company should be public and this is the best way to maximize the company’s potential.”