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Goldman Sachs, Morgan Stanley To Lead Intel’s Mobileye IPO – By ASC


The amount to be collected in the IPO could not be learned and sources asked not to be identified as the details of the IPO preparations were confidential.

Mobileye of Intel Corp. has leveraged investment banks Goldman Sachs Group Inc and Morgan Stanley to lead preparations for the initial public offering of the self -driving car unit, according to three people who knew of the matter.

The stock market float, which will launch later this year, could value Mobileye at $ 50 billion, the source said, while warning that the timing, valuation and size of the IPO are subject to market conditions.

The amount to be collected in the IPO could not be learned and sources asked not to be identified as the details of the IPO preparations were confidential.

Representatives for Intel and Mobileye did not respond to requests for comment. Morgan Stanley and Goldman Sachs declined to comment.

Mobileye’s preparation will come at a tough time for the IPO market. Stock market uncertainty triggered by the sale of tech shares and Russia’s invasion of Ukraine has forced several high -profile firms, including GoPuff and Chobani, to postpone their plans for announcement this year.

The IPO freeze follows a record -breaking 2021 in which more than $ 300 billion was raised through floatation.

Only 21 companies, not including special -purpose acquisition company listings, have been listed on U.S. exchanges this year so far, according to Dealogic. Other major IPO prospects ready for listing this year include SoftBank’s designed Arm and social media platform Reddit.

Intel bought Mobileye for about $ 15.3 billion in 2017. The Israeli company uses a camera-based system with adaptive cruise control and lane change assistance in driverless cars. Founded in 1999, Mobileye plans to build its own lidar sensor to help its cars map a three -dimensional view of the road.

Mobileye, which considers BMW, Audi, Volkswagen, Nissan, Honda and General Motors as its customers, has been a bright spot for Intel, which faces stiff competition in the chip -making segment from rivals Nvidia Corp and Qualcomm Inc.

The decision to list Mobileye was part of Intel’s broader strategy under CEO Pat Gelsinger to transform its core business. Intel expects to receive most of the proceeds from the stock sale and use part of the funds to build more Intel chip plants, Gelsinger said in December.

Intel has said it will retain a majority stake in Mobileye after the IPO.

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(This story has not been edited by NDTV staff and is automatically generated from a syndicated feed.)

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