- Intel Corp INTC own self-driving technology company Mobileye Global Inc priced 41 million shares at $21 per share Raise $861 million.
- Private equity firm General Atlantic has agreed to purchase $100 million of stock in a private placement in conjunction with the IPO.
- Mobileye had marketed the shares for $18 to $20 a share, Bloomberg said reported.
- Intel reduced expectations for Mobileye’s IPO amid a broader stock recession.
- Mobileye has a market value of $16.7 billion at the IPO price, beating the $15.3 billion Intel paid for Mobileye in 2017 while still falling short of the $30 billion valuation that the company had previously sought.
- The chipmaker and its advisors believed that selling fewer shares at a discounted price could spark increased interest at the IPO.
- The shares are expected to start trading on the Nasdaq on October 26, 2022 under the symbol “MBLY”.
- In addition, the underwriters have a 30-day option to purchase up to 6.15 million shares.
- A significant portion of the net proceeds from this offering will help pay back a debt obligation to Intel, Mobileye’s parent company.
- Mobileye intends to use the remaining net proceeds for working capital and general corporate purposes.
- Price promotion: INTC shares traded 1.14% lower at $27.10 premarket on the last check Wednesday.
© 2022 Benzinga.de. Benzinga does not provide investment advice. All rights reserved.
