After delaying, Mobileye files to go public on NASDAQ

mobileye
Credit: Mobileye

Intel-owned Mobileye Global Inc has officially filed its paperwork to go public on the NASDAQ with the US Securities and Exchange Commission (SEC).

As per the paperwork, the company is valued at $30 billion and will trade under the stock ticker of MBLY.

Although $30 billion is significant, it is far less than the company valued itself back in December, according to initial filings with the SEC. At that time, Mobileye reported valuation north of $50 billion.

According to a press release, Goldman Sachs and Morgan Stanley will act as joint lead book-running managers.

We last heard from Mobileye back in July, with its CEO penning a letter to employees noting they were postponing the IPO. As we reported, Mobileye noted that market conditions lacking stability were the reason for the delay at the time.

Many suspected that Intel would exit the automotive market with the IPO, however this is not the case. Instead, Intel will maintain a stake in the company and plans to partner with Mobileye on vehicle-related initiatives.

In addition, intel is planning to manufacture custom processors for the automotive market through its Intel Foundry Services business line.

As per the release, the number of shares, cost and date of the IPO will be confirmed shortly.

About Scott Nordlund 1337 Articles
Originally from the West Coast, Scott is an avid writer & EV enthusiast now living in Ottawa. He holds a MA in Political Science and once played professional football in the German Football League. Email scott@driveteslacanada.ca