Intel Applies for IPO of Autonomous Driving Subsidiary 'Mobileye'... Offering Price Not Disclosed

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] U.S. semiconductor company Intel has filed for an initial public offering (IPO) of its autonomous driving subsidiary 'Mobileye,' Bloomberg reported on the 30th (local time).

On the day, Intel reportedly submitted IPO application documents to the U.S. Securities and Exchange Commission (SEC). However, the offering price and other details were not disclosed.

Intel is expected to value 'Mobileye' at $30 billion (43 trillion KRW), according to the report.

Founded in 1999, 'Mobileye' partners with Audi, BMW, Volkswagen, GM, Ford, and others to develop advanced driving and safety features such as driver assistance and lane keeping.

Intel acquired Mobileye in 2017 for $15.3 billion and had previously announced plans to list Mobileye this year.

Revenue increased from $879 million in 2019 to $1.39 billion last year, while losses decreased from $328 million to $75 million during the same period.

U.S. economic media CNBC evaluated Mobileye's Nasdaq listing push as part of Intel's broad strategy to focus on its core business.

Intel had previously stated that some of the funds from Mobileye's IPO would be used to build more semiconductor factories.

Bloomberg predicted that if Mobileye's listing occurs within this year, it could be one of the largest IPOs of the year. The report added that only two companies have raised more than $1 billion on the New York Stock Exchange this year.