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A dollar above the top of the firm’s target range, Intel Corp. priced the initial public offering of its self-driving car company Mobileye Global at $21 per share. The Wall Street Journal reports that Mobileye valued the company at over $17 billion after raising $861 million by selling 41 million shares.
That sum exceeds the $15.3 billion that Intel spent for Mobileye in 2017. Intel anticipated the unit would be worth $50 billion or more when it announced its plans to list it on the stock market last year.The Wall Street Journal previously reported that the pricing of Intel’s initial public offering would be at or near the top of its $18 to $20 per share range. The state of the markets has made it challenging to price an IPO.
Dealogic estimates that only $7.4 billion has been raised by IPOs in the United States this year, making 2022 sure to be the lowest year for new offerings in decades.
