Intel plans Mobileye IPO: What to know
The Israeli autonomous driving firm will go public in mid-2022
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Intel has announced plans to take its autonomous driving unit Mobileye public in mid-2022 via an initial public offering of newly issued stock.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| INTC | INTEL CORP. | 24.05 | +0.40 | +1.69% |
Mobileye, which was founded in Jerusalem in 1999 by Ziv Aviram and Amnon Shashua, first went public in 2014 before being acquired by Intel for $15.3 billion in 2017. Reuters reported that the new IPO could value the company at more than $50 billion.
A self-driving vehicle sits outside Mobileye’s autonomous vehicle workshop in Israel. (Mobileye/Intel Corp.)
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According to Intel CEO Pat Gelsinger, Mobileye has achieved record revenue year-over-year with 2021 gains expected to be more than 40% higher than 2020.
Mobileye’s fleet of self-driving vehicles in Israel. (Mobileye/Intel Corp.)
In 2021, Mobileye has shipped 100 million EyeQ system-on-chips, scaled its autonomous vehicle test programs across multiple cities around the world covering the U.S., Europe and Asia, unveiled its production robotaxi, and secured 41 new advanced driver assistance system program wins across more than 30 automakers globally.
In addition, Mobileye has secured multiple deals for mobility-as-a-service (MaaS) programs starting in 2023 and consumer and business-to-business vehicle production designs for Mobileye’s self-driving system starting in 2024.
"Amnon and I determined that an IPO provides the best opportunity to build on Mobileye’s track record for innovation and unlock value for shareholders," Gelsinger added.
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Intel, which will remain as Mobileye's majority shareholder, will support the company with technical resources to deliver industry-leading sensor technologies.
Meanwhile, Mobileye's strength in the automotive sector will enable the tech giant to address the industry's "fast-growing silicon bill of materials opportunity." The share of semiconductors is expected to be 20% of a premium vehicle’s total bill of materials by 2030.
Intel's recent acquisition of Moovit and the company's teams working on lidar and radar development and other Mobileye projects will be aligned under the new company.