Intel Corp’s self-driving car unit Mobileye has officially started plans to go public with an initial public offering (IPO) in the United States.
The company, which was acquired by Intel in 2017 for $15 billion, confidentially filed their S-1 with the U.S. Securities and Exchange Commission (SEC) on Monday. An S-1 is a filing used by companies planning on going public to register their securities with the SEC.
The filing did not disclose the number of shares that will be offered, and the price is still to be determined. The IPO will will only occur after the SEC completes its review, reports Reuters.
Intel says it will remain the majority owner of the company after going public and will use the proceeds to build more Intel chip plants.
The company first announced its intentions to go public in December last year, a move which is supposed to help turn around Intel’s core business. It was initially reported the IPO could value Mobileye at more than $50 billion.
Mobileye used to supply Tesla with some of the core technology that powered Autopilot, but that partnership ended in 2016.
Intel Corp is launching self-driving shuttles in the US in 2024