The IPO Buzz: Mobileye (MBLY) Files IPO Terms at $15.1B Valuation

Mobileye Global (MBLY proposed), Intel’s self-driving car unit, stepped on the gas early today – filing terms for its highly anticipated IPO – to give the Israeli company a valuation of about $15.13 billion. That’s a hair less than what Intel paid for Mobileye in 2017. Mobileye’s S-1/A filing popped through the SEC’s filing window this morning: 41.0 million shares at $18.00 to $20.00 to raise $779 million. This deal will be one of the largest IPOs of 2022, a year that is shaping up as one of the slowest for IPOs since at least 2009.

The Wall Street Journal reported in an exclusive late Monday (Oct. 17, 2022) that Mobileye was likely to cut its valuation to under $20 billion – less than half the $50 billion market cap estimated last December – and launch its IPO roadshow on Tuesday (Oct. 18, 2022).

Mobileye’s IPO is scheduled for pricing next Tuesday night, Oct. 25, 2022, to trade Wednesday, Oct. 26, on the NASDAQ.

The U.S. stock market’s huge rally on Monday gave Mobileye’s bankers a reason to proceed with the IPO, according to The WSJ.

Goldman Sachs and Morgan Stanley are leading the pack of 10 joint book-runners, which includes Evercore ISI, Barclays, Citigroup, BofA Securities, ​RBC Capital Markets, Mizuho, Wolfe | Nomura Alliance and BNP PARIBAS. ​

This will be Mobileye’s second spin around the block as a publicly traded company. Mobileye, an Israeli company founded in 1999, went public in 2014 and traded under the symbol “MBLY” on the New York Stock Exchange. Intel bought Mobileye in 2017 for $15.3 billion. Mobileye recently reclaimed “MBLY” as its proposed stock symbol – but this time, it plans to trade on the NASDAQ.

Stay tuned.

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Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.

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