Why Mobileye (MBLY) Shares Are Trading Higher Today - Mobileye Global (NASDAQ:MBLY)

Intel Corp INTC owned self-driving technology company Mobileye Global Inc MBLY made its trading debut today.
Mobileye priced 41 million shares at $21 per share to raise $861 million after marketing the shares for $18 - $20.
A significant portion of the net proceeds from this offering will help to repay a note owed to Intel.
Mobileye intends to use the remaining net proceeds for working capital and general corporate purposes.
Private equity firm General Atlantic agreed to buy $100 million worth of shares in a private placement in conjunction with the IPO.
Intel scaled back expectations for its Mobileye initial public offering amid a broader stock recession.
The chipmaker and its advisers believed that selling fewer shares at a reduced price may generate increased interest in the IPO.
Mobileye had 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.
Mobileye beat the broader technology index Nasdaq which traded lower by 1.47% at 11,034 on the last check today.
Price Action: MBLY shares traded higher by 28.45% at $26.98 on the last check Wednesday.