Automobile

Intel’s Mobileye seeks drastically lower $16 billion IPO valuation

Intel’s Mobileye said on Tuesday it was targeting a valuation of nearly $16 billion in its initial public offering, less than a third of what it had previously expected, as volatility in stock markets and rising interest rates dampen the appetite for new listings.

The self-driving unit of Intel said in a regulatory filing it is offering 41 million shares of common stock priced between $18 and $20 per share, aiming to raise up to $820 million, based on the top end of the proposed range of the listing.

Reuters, citing sources, had reported in April that the stock market flotation could value Mobileye at as much as $50 billion.

The move sets the stage for what is expected to be the biggest technology listings of this year amid a market rout that has sapped the appetite for deals, as companies struggle with rising interest rates and increased investor scrutiny on profitability after a stellar 2021.

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