Mobileye Global Inc.
(Note: Mobileye Global Inc. priced its IPO on Tuesday night, Oct. 25, 2022, at $21.00 a share – $1.00 above the top of its $18.00-to-$20.00 range – on 41.0 million shares – the number of shares in the prospectus – to raise $861.0 million, the company announced. But the news was out earlier this evening, in a story in The Wall Street Journal, citing people familiar with the situation. Bloomberg and Reuters also reported the same pricing terms, each quoting people who spoke on condition of anonymity. Those pricing terms give Mobileye a valuation of about $17.0 billion.)
Mobileye is a leader in the development and deployment of advanced driver assistance systems (“ADAS”) and autonomous driving technologies and solutions. We pioneered ADAS technology more than 20 years ago and have continuously expanded the scope of our ADAS offerings, while leading the evolution to autonomous driving solutions. (Incorporated in Israel)
We were founded in Israel in 1999. Our co-founder, Professor Amnon Shashua, is our President and CEO. Prior to being acquired by Intel for $15.3 billion in 2017, we completed an initial public offering in 2014 and traded under the symbol “MBLY” on the New York Stock Exchange.
**Note: After the IPO, Intel will own all of the outstanding shares of Mobileye’s Class B stock. Mobileye will be a “controlled company” within the meaning of NASDAQ’s corporate governance standards.
Our portfolio of solutions is built upon a comprehensive suite of purpose-built software and hardware technologies designed to provide the capabilities needed to make the future of ADAS and autonomous driving a reality. These technologies can be harnessed to deliver mission-critical capabilities at the edge and in the cloud, advancing the safety of road users, and revolutionizing the driving experience and the movement of people and goods globally.
While today ADAS is central to the advancement of automotive safety, we believe that the future of mobility is autonomous. However, mass adoption of autonomous vehicles is still nascent. Full autonomy — where a human is not actively engaged in driving the vehicle for extended periods of time — requires the autonomous driving solution to be capable of navigating any environment in any condition at any time. Additionally, developing a technology platform whose decision-making process and resulting actions are verifiable is critical to enabling autonomous driving solutions at scale. The ability to drive autonomously not only requires a substantial amount of data, but also a robust technology platform that can withstand the validation and audit process of global regulatory bodies. Finally, the autonomous driving solution needs to be produced at a cost that makes it affordable. We are building our technology platform to address these fundamental and significant challenges in order to enable the full spectrum of solutions, from ADAS to autonomous driving.
As of July 2, 2022, our solutions had been installed in approximately 800 vehicle models (including local country, year, and other vehicle model variations), and our System-on-Chips (“SoCs”) had been deployed in over 117 million vehicles. We are actively working with more than 50 Original Equipment Manufacturers (“OEMs”) worldwide on the implementation of our ADAS solutions, and we announced over 40 new design wins in 2021 alone. In the first half of 2022, we shipped approximately 15.9 million of our SoCs. This represents an increase from the approximately 14.4 million of our SoCs that we shipped in the first half of 2021.In 2021, 2020, and 2019, we shipped approximately 28.1 million, 19.7 million, and 17.5 million, respectively, of our SoCs. We estimate, based on our existing design wins through July 2, 2022, that our ADAS solutions will be deployed in more than an additional 266 million vehicles by 2030, including approximately 37 million vehicles based on our first half 2022 design wins and approximately 50 million vehicles based on our 2021 design wins.
**Note: Revenue and net loss figures are for the 12 months that ended July 2, 2022.
(Note: Mobileye Global Inc., Intel’s self-driving car unit, filed terms for its IPO – 41.0 million shares at $18.00 to $20.00 to raise $779.0 million – in an S-1/A filing dated Oct. 18, 2022. Assuming mid-point pricing at $19.00, Mobileye would have a valuation of about $15.13 billion – less than a third of the $50.0 billion market cap that was estimated in December 2021. Mobileye, an Israeli company, had filed its long-awaited S-1 for its IPO on Sept. 30, 2022, for a deal that some IPO experts had estimated at that time could raise up to $2.5 billion. This is a NASDAQ listing. Mobileye did not disclose terms nor did it give a customary placeholder estimate of IPO proceeds in its S-1 filing. The company submitted confidential IPO documents to the SEC on March 2, 2022.)
|Address||c/o Mobileye B.V. Har Hotzvim, 13 Hartom Street P.O. Box 45157 Jerusalem 9777513, Israel|
|View Prospectus:||Mobileye Global Inc.|
|Revenues||$1536.0 mil (last 12 months)|
|Net Income||$-138.0 mil (last 12 months)|
|Price range||$21.00 - $21.00|
|Est. $ Volume||$861.0 mil|
|Manager / Joint Managers||Goldman Sachs/ Morgan Stanley/ Evercore ISI/ Barclays/ Citigroup/ BofA Securities/ RBC Capital Markets/ Mizuho/ Wolfe | Nomura Alliance/ BNP PARIBAS |
|CO-Managers||Cowen/ Siebert Williams Shank/ PJT Partners/ MUFG/ Needham & Co. / Raymond James/ Loop Capital Markets/ Blaylock Van/ Academy Securities/ Drexel Hamilton/ Independence Point Securities/ CICC/ Cabrera Capital Markets/Guzman & Co. |
|Expected To Trade:||10/26/2022|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|