Mobileye, Intel's self-driving car unit, targets a valuation of nearly $16 billion in its initial public offering in the United States, a regulatory filing on Tuesday showed.
Mobileye's initial public offering follows Porsche's blockbuster debut in Europe and could be an early sign of improving investor sentiment.
The move sets the stage for what is expected to be one of the biggest technology listings of this year amid a market rout that has sapped the appetite for deals, as companies struggle with rising interest rates and increased investor scrutiny on profitability after a stellar 2021.
Mobileye confidentially filed for its IPO earlier this year and was targeting a $50 billion valuation before the rout in tech compelled many high-flying companies to stomach haircuts in valuation.
Shares of stock
The company is offering 41 million shares of common stock priced between $18 and $20 per share, aiming to raise up to $820 million, based on the top end of the proposed range of the listing.
Goldman Sachs, Morgan Stanley, Citigroup and BofA Securities are among underwriters of the offering.