Mobileye Global to go public again in IPO

Mobileye Global, Inc., an Israeli autonomous vehicle technology company, will soon tap the public market again, according to its S- 1 filing with the SEC late Friday.

What Happened: Mobileye said it will offer Class A common stock in an initial public offering, or IPO, without mentioning the size and pricing of the offering, according to the preliminary prospectus filed on Form S-1.

The company said it intends to use a portion of the net proceeds to repay the debt owed to its parent, Intel Corporation INTC. It added that the rest would be used for working capital and general corporate purposes.

After the IPO, the company would have Class A and Class B common stock, with both being identical in rights to holders, except for voting, transfer and conversion. Each Class A stock will have a vote compared to ten votes for the Class B stock.

Goldman Sachs and Morgan Stanley will serve as lead managers for the offering.

The company has applied for listing its shares on the Nasdaq under the ticker MBLY. Why It is Important: Jerusalem-based Mobileye was founded in 1999 by Hebrew University professor Amnon Shashua, who is currently serving as the company's CEO.

It launched its first-gen EyeQ 1 processor in 2008, with subsequent versions rolling out in 2010 and 2018.

The company went public for the first time in 2014 and listed its shares on the NYSE. In a $15.3 billion deal, Intel acquired it less than three years later. With Intel struggling to turn around its fortunes, it decided to offload the self-driving technology unit in order to focus on its core business.

In December 2021, Intel announced that it plans to spin off Mobileye in an IPO, while maintaining majority ownership in the latter. A recent Bloomberg report suggested that Intel has slashed Mobileye's IPO valuation from $50 billion to $30 billion.

In the S- 1 filing, Mobileye said that revenue grew 43% to $1.4 billion in 2021, while revenue for the six months ending July 2, 2022 was up 21% at $854 million. The company earned $474 million in 2021 and $276 million for the first half of 2022, according to an adjusted basis.

More than 50 OEMs have adopted Mobileye s solutions, and about 800 vehicle models include its EyeQ processors, according to the filing.