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Intel's Mobileye Global files for an estimated $2.5 billion IPO

September 30, 2022

Mobileye Global, Intel's self-driving vehicle technology business, filed on Friday with the SEC to raise up to $1.0 billion in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $2.5 billion.

Acquired by Intel in 2017, Mobileye believes that it has pioneered advanced driver assistance systems (ADAS) technology, continuously expanding the scope of its ADAS offerings while leading the evolution to autonomous driving solutions. The company's portfolio of solutions is built upon a comprehensive suite of purpose-built software and hardware technologies, and include its family of EyeQ System-on-Chips (SoCs), which were first launched in 2007. In the 1H22, Mobileye shipped approximately 15.9 million of its SoCs (+10% y/y). It currently ships a variety of ADAS solutions to 13 of the 15 largest automakers in the world, as well as many smaller OEMs. As of July 2, 2022, the company's solutions had been installed in approximately 800 vehicle models, and its SoCs had been deployed in over 117 million vehicles.

The Jerusalem, Israel-based company was founded in 1999 and booked $1.5 billion in revenue for the 12 months ended July 2, 2022. It plans to list on the Nasdaq under the symbol MBLY. Mobileye Global filed confidentially on March 2, 2022. Goldman Sachs, Morgan Stanley, Evercore ISI, Barclays, Citi, BofA Securities, RBC Capital Markets, Mizuho Securities, WR Securities, Nomura Securities, and BNP Paribas are the joint bookrunners on the deal. No pricing terms were disclosed.