Intel (NASDAQ:INTC) officially filed for the long-anticipated, greatly delayed Mobileye IPO late on Friday. INTC stock is climbing about 1% in pre-market trading in the wake of the news.
Mobileye develops components that facilitate the self-driving and advanced driver assistance systems (ADAS) of vehicles. Following its IPO, Mobileye will trade under the symbol “MBLY.”
Intel had originally planned to launch the IPO around June, but it delayed the offering due to the stock market’s woes.
Here are seven more things that investors should know about the Mobileye IPO.
- Intel will keep “full control of Mobileye” following its IPO using “supervoting” shares of Mobileye stock.
- From Jan. 2 to July 2, Mobileye’s top line came in at $854 million, while it reported a net loss of $67 million.
- Its revenues in 2019, 2020, and 2021 were $879 million, $967 million, and $1.4 billion, respectively.
- Intel expects Mobileye stock to be valued at about $30 billion during the Mobileye IPO.
- Mobileye has developed a system-on-a-chip that directs and controls the unit’s autonomous driving and ADAS offerings.
- Among the unit’s top customers are BMW (OTCMKTS:BMWYY) and Volkswagen (OTCMKTS:VWAGY), and is collaborating with over 50 automakers.
- Mobileye is looking to create its own autonomous vehicles, and expects “to launch a driverless delivery service in 2023,” The Verge reported.
More About Mobileye and INTC Stock
“We believe that we will be positioned to deliver an autonomous driving solution that can enable the mass adoption of AVs, including both Mobileye-powered robotaxis and consumer-owned autonomous driving vehicles,” Mobileye CEO Amnon Shashua wrote in the IPO filing.
INTC stock has tumbled 50% in 2022 and 17.5% in the last month. Its price-earnings ratio has sunk to just 5.5.
On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
