Intel has filed for an initial public offering of its self-driving technology business, Mobileye Global, braving the worst market for new U.S. listings since the financial crisis more than a decade ago.
The company did not disclose terms of the planned share sale in its filing Friday with the U.S. Securities and Exchange Commission. Mobileye will continue to be controlled by Intel after the IPO, according to the filing.
Intel expects the IPO to value Mobileye at as much as $30 billion, less than originally hoped, Bloomberg News reported this month.
If the listing goes ahead this year, it would be one of the biggest U.S. offerings of 2022. Currently, only two companies have raised $1 billion or more on New York exchanges since Jan. 1, compared with 45 in 2021. This year, the U.S. share of IPOs has shrunk to less then a seventh of the global total from half in 2021.
Mobileye would also be following in the tracks of Porsche's market-defying IPO in Frankfurt this week. That $9.2 billion listing is the world’s second biggest this year and the largest since stock markets began their volatility- and inflation-driven downward spiral in January.