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Israeli Intel subsidiary Mobileye files for IPO in US

Israeli Intel subsidiary Mobileye files for IPO in US

Bangalore, Sep 30- Mobileye, the Israeli subsidiary of world’s largest chip conglomerate Intel, has officially applied for an IPO in the US. According to a letter to the SEC on Friday, the company’s shares are to be listed on the US technology exchange Nasdaq under the symbol “MBLY”. Banks with it include Goldman Sachs, Morgan Stanley and Citigroup. According to earlier reports, Intel wants to keep a majority stake in Mobileye even after it goes public. The deal could value the driver assistance systems provider at more than $50 billion, according to insiders.

The Americans acquired Mobileye in 2017 for $15.3 billion. Founded in 1999, the Israeli company, which is the country’s largest employer in the high-tech sector with nearly 14,000 employees, competes with Nvidia and Qualcomm for a place in the cockpit of global automakers. Unlike its competitors, Mobileye offers a camera-based system to assist driving. So far, the Israelis do not use Intel chips, but work with the TSMC2330.TW.

Israeli Intel subsidiary Mobileye goes public in the US

Source: Reuters

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