Intel's self-driving unit Mobileye files for U.S. IPO

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Intel's self-driving unit Mobileye files for U.S. IPO

Mobileye, Intel Corp's self-driving unit, filed for an initial public offering in the United States on Friday, revealing a 21 per cent increase in revenue for the first half of the year.

The unit, which had previously filed for the offering earlier this year, has applied to list its Class A shares on Nasdaq under the ticker MBLY. Intel didn't reveal how much stake it will retain when it goes public, but the chip giant previously said it will retain a majority stake.

The filing came when investor interest in IPOs has waned due to recent stock market volatility fueled by aggressive rate hikes by global central banks and geopolitical tensions.

The move to list Mobileye is part of Intel's broader strategy under Chief Executive Officer Pat Gelsinger to turn around its core business.

Mobileye, an Israeli company Intel bought for about $15.3 billion in 2017, uses a camera-based system with adaptive cruise control and lane change assistance in driverless cars.

Mobileye's financial advisers include Morgan Stanley, Goldman, and Citigroup.