Intel-Owned Mobileye Submits S-1 for IPO

Mobileye CEO Amnon Shashua poses with Mobileye’s self-driving car at the Nasdaq Market site in New York City, July 20, 2021.

Gina Moon | Reuters

Intel-owned Mobileye, which makes chips, maps and software for self-driving cars, has filed for an IPO. The prospectus filed with the SEC on Friday.

Mobileye fills show strong revenue growth for Israel-based subsidiary, from $879 million in 2019 sales to $967 million in 2020 and $1.39 billion last year . Losses narrowed from $328 million in 2019 to $75 million last year.

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Mobileye’s move to list on the Nasdaq is part of Intel’s broader strategy to turn around its core business. Intel had previously announced plans to take Mobileye public this year, with him acquiring the company for $15.3 billion in 2017.

Intel has previously said it will use funds from its Mobileye listing to build more chip factories as it embarks on a capital-intensive process to become a foundry for other chip makers.

Founded in 1999, Mobileye has partnered with Audi, BMW, Volkswagen, GM and Ford to use the company’s “EyeQ” cameras, chips and software to deliver advanced driving capabilities such as driver assistance and lane keeping. ​​Developing rollover and safety features. Mobileye CEO Amnon Shashua said in a filing that 50 companies are currently using the company’s technology across his 800 vehicle models.

According to the prospectus, Mobileye plans to list Class A common stock, but does not specify the number of shares or price range for the proposed offering. According to the prospectus, Intel will retain ownership of Class B shares with 10 times the voting power of his Class A shares and will be able to control the company’s board of directors and other decisions.

Intel is looking to test the public market at a time when demand for future growth technologies like self-driving cars has slowed significantly in the face of rising inflation and macroeconomic concerns.

intel Stocks were up less than 1% in long-term trading.

https://ift.tt/5rqkn39 Intel-Owned Mobileye Submits S-1 for IPO

The post Intel-Owned Mobileye Submits S-1 for IPO appeared first on Autobala.com.


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