No Decision on Timing of Mobileye IPO, Says Intel

Intel hasn't decided on the conditions, pricing and timing of a mid-2022 initial public offering to take Mobileye public through newly issued stock, said the chip maker Monday. Intel will remain Mobileye’s majority owner after the IPO is complete, it said. Intel expects Mobileye to deliver 40% or more of revenue growth this year on 41 new “program wins” with 30 global automotive OEMs, it said. “We see a lot of value creation over the next four or five years for Mobileye from being part of the Intel asset,” CEO Pat Gelsinger told a Credit Suisse investor conference last week. Intel bought Mobileye in 2017 for $15.3 billion in an all-cash transaction under then-CEO Brian Krzanich (see 1708010051).