Intel revealed that it has confidentially filed the required S-1 form with the US Securities and Exchange Commission (SEC) in its efforts to take Mobileye public.
The chip manufacturer originally purchased Mobileye in 2017 for $15.3 billion. The Israel-based firm was initially intended for integration into Intel’s own autonomous driving unit. Mobileye brought with it a variety of technologies and patents aimed at using camera-based systems to aid in self-driving features like lane-assist and intelligent cruise control. Mobileye’s ambitions also include an expansion into full self-driving car systems relying on LIDAR and other in-development technologies.
While it builds toward its self-driving vehicle goals, Mobileye continues to sign agreements with major automakers, most recently adding Volkswagen and Ford to the list of companies integrating its newest technologies into their cars.
Mobileye’s planned IPO was initially revealed by Intel back in December 2021.
Intel noted that the number of shares that will be offered has not yet been decided, nor has the initial purchase price. However, it did reveal to several news outlets, including Bloomberg, that it will retain a majority stake in Mobileye following its IPO. It also hinted that it plans to use at least some of the funds generated by the IPO to aid in its ongoing efforts to build-outs its US chip production infrastructure.
Intel’s press release on the matter did not provide any specific timeframe on when the IPO might occur, saying only that it will be held “after the SEC completes its review process, subject to market and other conditions.”
Given the tumultuous nature of the market and ongoing geopolitical conflicts, it could be some time before Intel feels the situation is stable enough to hold an IPO that Bloomberg estimates could generate as much as $50 billion.
