Intel, the American microprocessor giant, has confirmed its intention to list its autonomous vehicle business, Mobileye, this year. The American group indicated on Monday that its Israeli subsidiary specializing in autonomous driving software had indeed confidentially filed the documents necessary for an IPO in the United States. A potential valuation of more than 50 billion dollars had previously been mentioned by some specialists, but the values of the sector have since copiously unscrewed on Wall Street, which undoubtedly lowers the cursor. Intel Chief Executive Pat Gelsinger remains under pressure from activist investors to spin off its chipmaking business. At the same time.
Intel had acquired Mobileye for $15.3 billion in 2017, aiming to better compete with Nvidia or Qualcomm in autonomous driving.Enthusiasm for the sector has recently turned into aversion. A file such as Rivian, which at the end of 2021 capitalized more than 100 billion dollars on Wall Street without real turnover, is now only worth 41 billion dollars.
Intel has so far been considering Mobileye’s mid-year IPO. The group would remain the main shareholder of the unit after the transaction. This activity has since shown rapid expansion and thus presents a significant growth driver for the group. Gelsinger says the proposed IPO provides the best opportunity to build on Mobileye’s innovation track record and unlock shareholder value.
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