Mobileye CEO Amnon Shashua poses with a Mobileye driverless vehicle at the Nasdaq market in New York, July 20, 2021.
jeenah moon | Reuters
Mobileye, an Intel-owned company that makes chips, cards and software for self-driving cars, has filed for an IPO, according to a prospectus filed with the SEC on Friday.
Mobileye’s infill indicates strong revenue growth for the Israel-based subsidiary, from $879 million in sales in 2019 to $967 million in 2020 and $1.39 billion last year. Losses have shrunk from $328 million in 2019 to $75 million last year.
The move to list Mobileye on the Nasdaq is part of Intel’s broader strategy to transform its core business. Intel acquired the company for $15.3 billion in 2017 and previously announced plans to list Mobileye later this year.
Intel previously said it would use some funds from the Mobileye listing to build more chip factories as it embarks on a capital-intensive process to become a foundry for other chipmakers.
Founded in 1999, Mobileye has partnered with Audi, BMW, Volkswagen, GM and Ford to develop advanced driving and safety features such as driver assistance and lane keeping using the company’s “EyeQ” camera, chips and software. Mobileye CEO Amnon Shashua said in the filing that 50 companies are currently using the company’s technology in 800 vehicle models.
The prospectus states that Mobileye plans to list Class A common stock but has not specified the number of shares or price range for the proposed offering. Intel will retain ownership of Class B shares, which, according to the prospectus, carry ten times the votes of Class A shares, giving Intel control of the company’s board of directors and other decisions.
Intel wants to test the public markets at a time when appetite for futuristic growth technologies like self-driving cars has slowed significantly amid rising inflation and macroeconomic concerns.
Intel stock was up less than 1% in extended trading.
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