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Intel-owned Mobileye files S-1 for IPO

Mobileye CEO Amnon Shashua poses with a Mobileye driverless vehicle on the Nasdaq Market grounds in New York, July 20, 2021.

Jeenah Moon | Reuters

Mobileye, an Intel-owned company that makes chips, maps and software for self-driving cars, has filed for an initial public offering, according to a prospectus filed with the SEC on Friday.

Mobileye̵[ads1]7;s filing indicates strong revenue growth for the Israel-based subsidiary, from $879 million in sales in 2019 to $967 million in 2020, up from $1.39 billion last year. Losses have shrunk from $328 million in 2019 to $75 million last year.

The move to list Mobileye on Nasdaq is part of Intel’s broader strategy to turn around its core business. Intel acquired the company for $15.3 billion in 2017 and had previously announced plans to take Mobileye public this year.

Intel has previously said it will use some funds from the Mobileye listing to build more chip factories as it embarks on a capital-intensive process to become a foundry for other chipmakers.

Mobileye, founded in 1999, has partnered with Audi, BMW, Volkswagen, GM and Ford to develop advanced driving and safety features such as driver assistance and lane keeping using the company’s “EyeQ” camera, chips and software. Mobileye CEO Amnon Shashua said in the filing that 50 companies currently use the company’s technology across 800 vehicle models.

The prospectus says Mobileye plans to list Class A shares, but did not provide the number of shares or price range for the proposed offering. Intel will maintain ownership of Class B shares that carry ten times the votes of Class A shares, according to the prospectus, giving it control over the company’s board of directors and other decisions.

Intel is looking to test the public markets at a time when appetite for futuristic growth technologies such as self-driving cars has waned significantly in the face of rising inflation and macroeconomic concerns.

Intel shares rose less than 1% in extended trading.

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