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Intel's driver-assistance tech unit Mobileye prices US IPO above the range at $21

October 25, 2022

Mobileye Global, Intel's assisted-driving and self-driving systems unit, raised $861 million by offering 41 million shares at $21, above the range of $18 to $20.

Cornerstone investors had indicated on $340 million of the offering (39% of the deal). General Atlantic agreed to buy an additional $100 million worth of shares in a concurrent private placement.

Mobileye is the year's only $25+ million IPO to price above the range. While it is the year's largest IPO by market cap at listing, Mobileye is only the year's third-largest IPO by deal size, due to its relatively small float of about 5% of shares outstanding.

The Jerusalem, Israel-based company plans to list on the Nasdaq under the symbol MBLY. Goldman Sachs, Morgan Stanley, Evercore ISI, Barclays, Citi, BofA Securities, RBC Capital Markets, Mizuho Securities, WR Securities, Nomura Securities, and BNP Paribas acted as joint bookrunners on the deal.