Intel has announced plans to have Mobileye, the Israeli driver assistance systems and autonomous car development company, go public once again in an IPO. The initial public offering for Mobileye is planned for next year.
A final decision on the IPO and its conditions and ultimate timing is pending and subject to market conditions. But Globes reports that the IPO is expected to bring Mobileye a $50 billion valuation.
Intel will maintain majority ownership of Mobileye. It acquired Mobileye for $15.3 billion in 2017. Mobileye first went public on the NASDAQ in 2014.
Mobileye is a market leader in driver-assistance and autonomous driving solutions. It expects to deliver over 40% more revenue in 2021 compared with 2020, along with a record 41 new program wins with more than 30 leading automakers worldwide.
Mobileye recently shipped its 100 millionth EyeQ® system-on-chip, unveiled its production robotaxi, and scaled its autonomous vehicle testing across multiple cities around the world covering the U.S., Europe and Asia.
Most recently, Mobileye has been testing automated taxis and cars all over the world from Germany to China and even New York City.
“Intel will remain the majority owner of Mobileye, and the two companies will continue as strategic partners, collaborating on projects as they pursue the growth of computing in the automotive sector,” said the company in a statement.
#BREAKING: @intel announces intent to take Mobileye public! In the 4 years since acquisition by Intel, Mobileye has nearly tripled annual chip shipments & revenue. The companies will continue a strategic partnership into the next chapter of auto tech. https://t.co/ieGlQ2EcmP
— Mobileye (@Mobileye) December 7, 2021
“Intel’s acquisition of Mobileye has been a great success. Mobileye has achieved record revenue year-over-year with 2021 gains expected to be more than 40 percent higher than 2020, highlighting the powerful benefits to both companies of our ongoing partnership,” said Intel CEO Pat Gelsinger. “Amnon and I determined that an IPO provides the best opportunity to build on Mobileye’s track record for innovation and unlock value for shareholders.”
Mobileye CEO Amnon Shashua will continue to lead the company.
“Our alignment with Intel continues to provide Mobileye with valuable technical resources and support that has yielded strong revenue along with free cash flow that allows us to fund our AV development work from current revenue,” said Shashua.