Intel Again Slashes Mobileye IPO Valuation. Latest Mobileye Global valuation is $16B, down from $50B last year.

Intel has again lowered its initial public offering valuation for?self-driving technology company?Mobileye Global to $16 billion, the latest speedbump for public listings this year.

This is the second time Intel has lowered its valuation for Mobileye—which has partnerships with Audi, BMW, and Volkswagen—having slashed its target to $30 billion last month from an initial valuation of $50 billion back in December.

The company plans to sell 41 million shares of Mobileye at a range of $18-$20 a piece. The shares are expected to begin trading in the next couple of weeks. Even at its twice-reduced valuation, Mobileye Global would be one of the largest IPOs this year.

Founded in 1999, Israel-based Mobileye Global was acquired by Intel in 2017 through a $15.3 billion public-to-private takeover. Mobileye first went public in 2014 at around a $5 billion valuation.

IPO listings have been decimated in 2022, with total volume sitting at $22.3 billion so far this year, compared to $277 billion at this point in 2021, according to Bloomberg.?

Mobileye isn’t the only IPO hopeful to see a downgrade to its public listing valuation target. Just last week, Instacart lowered its valuation for the third time to $13 billion, down from an original valuation of $39 billion last year.

Mobileye reported revenue of $460 million in the second quarter of this year, up 41% year-over-year, according to the company. In 2021,?Mobileye posted $1.4 billion in revenue.

The U.S. IPO market is having one of its worse years on record, with traditional offerings on pace to raise the least amount of money since 1995 or before, according to?Dealogic. Furthermore, a majority of companies that held public listings in 2020 and 2021 are currently trading below their IPO prices, according to The Wall Street Journal.

Source: https://linqto-20548088.hs-sites.com/intel-slashes-mobileye-ipo-valuation-again?ecid=ACsprvtzNdEgpkwV0xCmQ5JEcvucrh1x9lEgqyUXfqgqrJqQYue_oG_Tfl-mw702CLmY571vUT7j&utm_medium=email&_hsmi=230285196&utm_content=230285196&utm_source=hs_email