The largest flotation on Wall Street this year in valuation terms was that of Israeli company Mobileye Global Inc. (Nasdaq: MBLY), developer of assisted driving and autonomous vehicle technology. The company, which was acquired by Intel six years ago for $15 billion was floated at the end of October at a valuation of nearly $17 billion and raised $861 million.
On its first day of trading, the company’s share price shot up 38%, and it has continued to climb since, to a current market cap of $27.1 billion, giving a 61% return since the flotation. Mobileye has thus become one of the best offerings of 2022. Intel, which remains the controlling shareholder in Mobileye can certainly be happy.
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In terms of amount raised, two flotations were bigger than Mobileye. One was financial company Corebridge (NYSE: CRBG), which raised $1.7 billion; the other was asset management company TPG (Nasdaq: TPG), which raised $1 billion. Data from Renaissance Capital show that there were 71 flotation sin 2022 (up to mid-December), raising a total of $7.7 billion. In 2021, there were 397 flotations, and they raised over $142 billion in total. According to Renaissance, the number of flotations in 2022 is the lowest for three decades.
Published by Globes, Israel business news – en.globes.co.il – on December 18, 2022.
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