Mobileye files for IPO of self-driving technology business

Mobileye Global Inc., the worst market for New US listings since the Financial Crisis, has filed for an initial public offering of its self-driving technology business.

The plan for the share sale was not disclosed by the company in its filing Friday with the US Securities and Exchange Commission. The filing states that the mobileye will continue to be controlled by Intel after the IPO.

It could be one of the biggest US offerings of 2022 if the listing goes ahead this year. In a year in which the US share of listings has fallen to less than a seventh of the global total since the beginning of January 1, only two companies have raised more than $1 billion on New York exchanges.

According to Bloomberg News this month, Intel expects the IPO to value Mobileye at as much as $30 billion, less than originally hoped.

Pat Gelsinger, the Intel Chief Executive Officer, is trying to capitalize on the Israel-based business that was acquired in 2017 with a partial spinoff of its shares. Mobileye is seen as a prized asset as the car industry races towards fully automated vehicles, as it makes chips for cameras and drive-assistance features.

The offering is led by Morgan Stanley and Goldman Sachs Group Inc. Mobileye plans to trade on Nasdaq under the symbol MBLY.