Mobileye Global Inc., the self-driving technology company owned by Intel Corp. (INTC), said Tuesday that it priced its initial public offering of 41 million shares of its Class A common stock at $21.00 per share, which is above its previously estimated $18.00 - $20.00 per share range.
At the IPO price, Mobileye reportedly has a market value of about $16.7 billion.
The shares are expected to begin trading on the Nasdaq Global Select Market on October 26, 2022 under the symbol "MBLY," and the offering is expected to close on October 28, 2022.
In addition, Mobileye has granted the underwriters a 30-day option to purchase up to an additional 6.15 million shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions.
Mobileye expects the net proceeds from the offering, after deducting underwriting discounts and commissions and estimated offering expenses, to be approximately $0.8 billion. The net proceeds exclude any exercise of the underwriters' option to purchase additional shares.
Mobileye said that it will use a significant portion of the net proceeds from the offering for repayment on a note owed to its parent company, Intel. Mobileye intends to use the remaining net proceeds for working capital and general corporate purposes.
In addition to the shares of Class A common stock sold in the public offering, Mobileye announced that General Atlantic will purchase about 4.76 million shares of Class A common stock in a private placement at a price per share equal to the initial public offering price, for gross proceeds of $100 million.
Mobileye went public in 2014. It was acquired by Intel in 2017. Intel currently owns 100% of Mobileye shares and is expected to retain majority ownership following the completion of the IPO.
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