Back in 2017 Mobileye, the company that develops advanced driver assistance systems and solutions for autonomous vehicles, rocked the world of tech by completing the largest transaction in Israel’s history. The company was purchased by the US chip giant Intel for $15.3 billion and later delisted from New York Stock Exchange. Fast forward five and half years and Mobileye is back in the stock market. It will once more be accessible for purchase on the NYSE today under the symbol MBLY. Its IPO has been completed on Tuesday, October 25 at a value of $16.7 billion.
Although the offering’s value is beyond the range set last week $14.3- 15.9 billion, it falls short of the $30 billion valuation Intel sought to get last month. There were talks of postponing the IPO due to the unfavourable market environment, however, in the end, the company made the decision to proceed with original plans, hoping that the value would increase on the open market. It has to be noted, that even with the drop in valuation, this IPO is the fourth-largest in the US this year.
Amnon Shashua, co-founded Mobileye and its CEO since 2017. In his letter to shareholders that was included in the prospectus, he said that the company’s driver-assistance technology has been used in more than 125 million cars. He anticipates it to be installed in 270 million more units by 2030.
Shashua adds, “While the core of our business today is making human-driven cars safer, we are working tirelessly to bring about a future of autonomously driven vehicles”.
At present, Mobileye’s technology is used in 800 different vehicle types, and it is collaborating with automakers such as BMW, Volkswagen, Audi, and BMW.
Mobileye first went public in 2014 at around $5 billion valuation, before been purchased by Intel in 2017.