Source: ft.com
$Mobileye Global Inc.(MBLY)$, a self-driving technology company owned by $Intel(INTC)$, will go public on the NASDAQ today.
Mobileye is offering $41 million at a price of $21 for gross proceeds of $861 million.
Baillie Gifford and Norges Bank Investment Management, as cornerstone investors, have expressed interest in purchasing a total of $330 million in shares. Growth equity firm General Atlantic has also indicated it will purchase $100 million worth of stock.
At this offering price, the company is valued at $16.7 billion.
Source: mobileye.com
Valuation and Financial Performance
Mobileye, founded in 1999, is a leading Israeli manufacturer of advanced driver assistance systems (ADAS). Mobileye had its first IPO in 2014, valued at about $5 billion. Intel acquired Mobileye in 2017 for $15.3 billion.
This means that five years after Intel's acquisition of Mobileye, Mobileye's valuation has not increased too dramatically.
When asked why Intel is moving forward with the Mobileye IPO in such a difficult market environment and whether Intel needs the funds raised by the IPO, Intel CEO Pat Gelsinger said, "Intel doesn’t need the money that the Mobileye offering would generate. Listing Mobileye would give the self-driving car unit a higher profile and attract more business."
The prospectus shows Mobileye's revenue for the fiscal year ending Dec. 25, 2021, was $1.386 billion, compared with $879 million and $967 million for the last two fiscal years, respectively, and gross profit was $655 million, compared with $423 million and $376 million for the last two fiscal years, respectively.
For the fiscal year ending December 25, 2021, Mobileye reported a net loss of $75 million, compared to a net loss of $328 million and $196 million, respectively, for the previous two fiscal years.
For the six months ended July 2, 2022, Mobileye reported revenue of $854 million, compared to $704 million for the same period a year earlier; gross profit of $405 million, compared to $348 million for the same period a year earlier; and a net loss of $67 million.
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Source: https://www.leinews.com/
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