Mobileye (MBLY) Targets Up to $16 Billion Valuation After Indicating Pricing Between $18 and $20

Intel’s (NASDAQ: INTC) Mobileye unit filed today to sell 41 million shares via an initial public offering (IPO). The company targets a valuation of up to $16 billion, down sharply from the $50 billion valuation seen last year.

The IPO price is seen between $18.00 and $20.00 per share with net proceeds from the sale to be used for “working capital and general corporate purposes, as well as repaying a portion of debt owed to Intel.”

After the IPO, Intell will own all of the outstanding shares of Class B common stock, which represent around 99.4% of the voting power.

The filing also showed that Baillie Gifford and Norges Bank Investment Management, cornerstone investors, aim to buy up to an aggregate of $330 million of the shares of our Class A common stock offered in this IPO. General Atlantic agreed to purchase $100 million shares of Class A common stock at a price per share equal to the IPO price.

Moreover, CEO Amnon Shashua has indicated an interest in purchasing up to $10 million shares of Class A common stock.

Mobileye shares will trade on the Nasdaq stock exchange under the symbol “MBLY”.

Goldman Sachs and Morgan Stanley are lead underwriters, followed by Evercore ISI, Barclays, Citigroup, BofA, and others.

By Senad Karaahmetovic

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