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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Intel Corporation | NASDAQ:INTC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.23 | -0.74% | 30.74 | 30.73 | 30.74 | 31.45 | 30.61 | 31.09 | 43,857,523 | 00:52:16 |
By Robb M. Stewart
Intel Corp.'s self-driving-car unit, Mobileye Global Inc., expects a market valuation of roughly $15 billion at the projected pricing midpoint of its initial public offering.
In a prospectus filed with regulators, Mobileye said it plans to offer 41 million class A shares at a projected price of $18 to $21 apiece. The underwriters of the IPO have a 30-day option to up to about 6.2 million additional shares.
Cornerstone investors Baillie Gifford and Norges Bank Investment Management have each indicated an interest in buying up to a total of $330 million of the A shares at the IPO price, and company Chief Executive Officer Amnon Shashua indicated an interest in purchasing up to $10 million of the shares, Mobileye said.
General Atlantic LP has agreed to buy $100 million of Mobileye's A shares at the offering price or about 5.3 million shares at an assumed price of $19 a share.
After the IPO, the company said it expects to have about outstanding 46.3 million A shares.
At the expected $19 a share midpoint of the IPO's pricing, Mobileye said it expects net proceeds from the offering of about $800 million, or $900 million if the underwriters' option is exercised in full.
Earlier, The Wall Street Journal reported that Mobileye, which was originally expected to land a roughly $50 billion valuation, was set to target one that is under $20 billion and sell a smaller number of shares than originally planned.
Intel Chief Executive Pat Gelsinger has said that listing Mobileye would give the self-driving-car unit a higher profile and attract more business. He has also said Intel doesn't need the money Mobileye's IPO would generate.
Intel will retain a large stake in Mobileye, including all of the class B shares Mobileye plans to issue, with each B share having voting rights equivalent to 10 A shares. Immediately following the completion of the offering, Intel's hold on the B shares is expected to represent a little over 99% of the voting power, according to the prospectus.
The company, which recorded revenue of about $1.4 billion in 2021, said it has applied to list the A shares on Nasdaq under the symbol MBLY.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
October 18, 2022 07:26 ET (11:26 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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