Intel's Mobileye sets IPO terms, valuing company at up to $16 billion
Intel Corp.'s INTC, +1.97% Mobileye Global Inc. has set terms for its initial public offering, in which the advanced driver assistance systems and autonomous driving technologies company looks to raise up to $820 million and be valued at up to $15.93 billion. Mobileye plans to offering 41.0 million Class A shares in the IPO, which is expected to price between $18 and $20 a share. After the IPO, the company expects to have outstanding 46.
26 million Class A shares, which are entitled to one vote each, and 750.0 million Class B shares, which are entitled to 10 votes each, with Intel owning all Class B shares. There are 24 underwriters, led by Goldman Sachs and Morgan Stanley. Intel's stock rose 0.8% in premarket trading. Mobileye is looking to go public at a time that the Renaissance IPO ETF IPO, +5.61% has dropped 10.2% over the past three months while the S&P 500 SPX, +2.65% has slipped 4.0%.
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