Intel Could Delay Mobileye IPO - Bloomberg

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By Sam Boughedda

According to a report from Bloomberg Monday afternoon, due to the recent broader market decline, Intel (NASDAQ:INTC) is reducing expectations for the Mobileye IPO.

Citing people familiar with the process, the article states Intel, which wanted to spin off part of its shares, could postpone the share sale for the self-driving technology business until next year if the current market environment doesn't improve.

The IPO is expected to value the company at up to $30 billion, which is lower than initially expected. Intel's original plan was for a mid-2022 IPO, with reports previously quoting valuations of up to $50 billion.

Mobileye is a chipmaker for cameras and drive-assistance components. Bloomberg writers Ian King and Crystal Tse said it is seen as a "prized asset" as the automotive industry moves towards fully automated cars.

So far, in 2022, U.S. IPO activity has decreased significantly. Alongside the recent bear market for chip stocks it has made the potential Mobileye IPO harder to complete. According to EY, an "overwhelming majority" of 2021 IPOs are trading below their initial IPO price in 2022.

However, there is still a chance the offering could go ahead if semiconductor stocks rebound, Bloomberg's sources told them.