Intel Raises $861M From Its Self-Driving Technology Mobileye's IPO, Starts Trading Today

Intel Corp INTC owned self-driving technology company Mobileye Global Inc priced 41 million shares at $21 per share to raise $861 million.
Private equity firm General Atlantic agreed to buy $100 million worth of shares in a private placement in conjunction with the IPO.
Mobileye had marketed the shares for $18 to $20 apiece, Bloomberg reported.
Intel scaled back expectations for its Mobileye initial public offering amid a broader stock recession.
Mobileye has a market value of $16.7 billion at the IPO price, surpassing the $15.3 billion Intel paid for Mobileye in 2017 while still short of the $30 billion valuation the company had sought earlier.
The chipmaker and its advisers believed that selling fewer shares at a reduced price may generate increased interest in the IPO.
The shares will likely begin trading on the Nasdaq on October 26, 2022, under the symbol "MBLY."
In addition, the underwriters have a 30-day option to purchase up to 6.15 million shares.
A significant portion of the net proceeds from this offering will help to repay a note owed to Mobileye's parent company, Intel.
Mobileye intends to use the remaining net proceeds for working capital and general corporate purposes.
Price Action: INTC shares traded lower by 1.14% at $27.10 premarket on the last check Wednesday.