Mobileye IPO moves ahead despite Wall Street woes

Amnon Shashua presents Mobileye's new radar chip credit: Mobileye

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Market sources say that despite the negative sentiment on Nasdaq and the recent very sharp falls in the share prices of tech giants, the IPO will go ahead on schedule.

Intel's Israeli autonomous driving unit Mobileye is continuing to prepare for its IPO on Wall Street, which is expected to take place in the coming few months. The company, led by CEO Amnon Shashua, has recently begun hiring employees for key positions in the new headquarters that it is setting up in New York including an "Analysts Relations Manager" to work with US capital market analysts.

Market sources say that despite the negative sentiment on Nasdaq and the recent very sharp falls in the share prices of tech giants, the IPO will go ahead on schedule.

Intel acquired Mobileye for $15.3 billion in 2017 and "Reuters" reported last month, according to sources, that the IPO could value Mobileye at more than $50 billion, and that Goldman Sachs and Morgan Stanley would lead the offering.

Published by Globes, Israel business news - en.globes.co.il - on May 11, 2022.