Intel’s Mobileye IPO prices above expected range

Intel Corp. priced its self-driving car unit Mobileye Global’s initial public offering at $21 a share, a dollar above the top of its targeted range.

Mobileye raised $861 million by selling 41 million shares, valuing the company at roughly $17 billion, according to the Wall Street Journal.

That value comes in higher than the $15.3 billion that Intel paid for the Mobileye in 2017.

When Intel announced plans to IPO the unit last year, it was looking at a possible value of $50 billion or more.

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Mobileye driverless car logo is seen on a vehicle at the Nasdaq Market site in New York, US, July 20, 2021. (REUTERS/Jeenah Moon/Reuters Photos)

The Wall Street Journal previously reported that Intel was expected to price the IPO at or above the top of its $18 to $20 a share range.

The state of the markets has made pricing an IPO tricky.

IPOs in the US had raised only $7.4 billion so far this year, putting 2022 on track to be the worst year for new issues in decades, according to Dealogic.

Mobileye workshop is pictured

A self-driving vehicle from Mobileye’s autonomous fleet sits outside Mobileye’s autonomous vehicle workshop in Israel. (Credit: Mobileye, an Intel Company)

INTEL MOBILEYE IPO PLANS: WHAT TO KNOW

Ticker Security Last Exchange Change %
INTC INTEL CORP. 27.41 +0.23 +0.85%

Mobileye’s competition includes Google parent Alphabet’s Waymo and Amazon.com’s Zoox.

Mobileye logo

In this photo illustration, the Mobileye logo is displayed on a smartphone and in the background. ((Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images) / Getty Images)

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Mobileye is set to start trading Wednesday on the Nasdaq stock exchange under the symbol MBLY.

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