Intel’s Israeli self-driving cars and advanced driver-assistance systems (ADAS) unit Mobileye yesterday filed a prospectus with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO) on Nasdaq.
According to the prospectus, Mobileye has posted strong revenue growth in recent years with revenue of $879 million in 2019, $967 million in 2020 and $1.39 billion in 2021 – a rise of 58% in two years. In the first half of 2022, Mobileye reported revenue of $854 million, up 21% from the first half of 2021.
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The company reported a net loss of $328 million in 2019, and $75 million in 2021. Mobileye CEO Amnon Shashua said in the prospectus that 50 companies currently use Mobileye technology on 800 car models.
In July, “Globes” reported that Shashua wrote to the company’s employees that the planned IPO had been postponed due to the market conditions but he expressed hope that the flotation would still take place in 2022.
The prospectus did not stipulate the company valuation for the flotation but “Bloomberg” reported last month that Mobileye’s planned valuation for the IPO had been cut by 40% from $50 billion to $30 billion. Intel and Mobileye representatives did not respond to the report.
Goldman Sachs is among the underwriters in the deal and the Jerusalem-based company will trade under the MBLY ticker.
Intel acquired Mobileye in 2017 for $15.3 billion, delisting it from Nasdaq shortly afterwards. Last December, Intel announced that it was planning a flotation for Mobileye in mid-2022 but would remain a substantial shareholder.
Published by Globes, Israel business news – en.globes.co.il – on October 1, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
