Intel's ( NASDAQ: INTC ) self-driving company Mobileye ( MBLY ) plans an initial public offering price of between $18 and $20/share.
Mobileye plans to offer 41 million shares in an IPO at $18 to $20/share to raise $820 million, according to a S-1 filing. At the high end the price range , Mobileye would be valued at about $16 billion.
The filing comes as Mobileye ( MBLY ) has cut its valuation to $16 billion after originally seeing a valuation of about $50 billion, according to media reports.
Mobileye Global ( MBLY ) filed for an IPO late last month. The IPO filing followed a drastic cut to the expected valuation for the unit.
In March, Intel ( INTC ) said that it had confidentially submitted its draft registration statement with the Securities and Exchange Commission for the IPO.
Santa Clara, California-based Intel ( INTC ) is IPOing Mobileye ( MBLY ) in part to help turn the semiconductor giant around as it competes with Advanced Micro Devices ( AMD ), Nvidia ( NVDA ) and others. Under Chief Executive Pat Gelsinger, Intel ( INTC ) is attempting to turn around its core business, as well as expand into the foundry business, producing chips for other clients.
Intel bought Mobileye in 2017 for about $15.3B.
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Intel's Mobileye targeting up to $16B valuation in IPO