Intel ( NASDAQ: INTC ) self-driving unit Mobileye Global has filed for an initial public offering of its class A common shares.
The news comes after a drastic cut to the expected valuation for the unit, to about $30B from a previously hoped-for $50B . It's also happening during a weak week for the stock market.
Intel stock ( INTC ) is up 0.4% postmarket, after declining 2.3% during the regular trading session Friday.
Intel will retain full control of Mobileye through ownership of supervoting class B shares; it didn't detail the number of Class A share on offer, or the price at which they would be offered.
Mobileye is seeking to list on Nasdaq until the ticker symbol NYSE: MBLY .
It's coming public via Goldman Sachs, Morgan Stanley, Evercore ISI, Barclays, Citigroup, BofA Securities and others.
The unit's shown solid sales growth and declining losses: For the six months ended July 2, Mobileye posted revenues of $854M, with gross profit of $405M. Operating loss was $36M, and allowing for income taxes, net loss was $67M over that period.
The company faces heavy competition, it says: Among silicon providers, they include Ambarella ( AMBA ), Advanced Micro Devices ( AMD ), Arriver/Qualcomm ( QCOM ), Black Sesame Technologies, Horizon Robotics, Huawei, Nvidia ( NVDA ), NXP ( NXPI ), Renesas Electronics ( OTCPK:RNECY ), and Texas Instruments ( TXN ).
For autonomous driving competitors, it notes Argo AI, Aurora, Cruise, Motional, Pony.ai, Waymo ( GOOG ) ( GOOGL ), Yandex ( YNDX ), and Zoox in the U.S. and Europe, and Auto X, Baidu ( BIDU ), Deeproute.ai, Didi Chuxing ( OTCPK:DIDIY ), Momenta, and WeRide in China. Consumer AV competitors include Apple ( AAPL ), Sony ( SONY ), and Tesla ( TSLA ).
Intel bought Mobileye in 2017 for about $15.3B.
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Intel's Mobileye files for initial public offering