Mobileye is valued at IPO at $17 billion
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Mobileye Global, an Israeli company that develops self-driving car technology, owned by Intel, has raised $861 million in an initial public offering. The Wall Street Journal. Thus, the company is valued at about $17 billion, sources said.
During the IPO, 41 million class A shares were offered to investors, the price of one share was $21. In addition, Mobileye granted investors a 30-day option to purchase another 6.15 million shares of the same class and at the same price. In a private placement, the company sold 4.76 million Class A shares to General Atlantic for about $100 million.
The Israeli startup was acquired by Intel in 2017 for $15.3 billion. Since then, the company’s value has increased slightly. However, a year ago, Intel hoped that Mobileye’s IPO valuation would exceed $50 billion. Given the difficult market conditions, Intel decided to adjust its IPO plans and eventually issued only 5-6% of Mobileye’s share capital.
This year, the IPO market is going through hard times. Since the beginning of the year in the United States, according to Dealogic, companies have managed to raise only $7.4 billion in initial public offerings. According to analysts, this year could be the worst in terms of the amount of funds raised on American exchanges in several decades.
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