Mobileye, Intel’s autonomous driving division, has filed to go public with the US Securities and Exchange Commission.
In its confirmation of the plan, Intel did not include financial information such as the number of shares to be sold. When Intel originally revealed intentions to take Mobileye public in December, it did provide critical information regarding the proposed stock market debut.
Intel said in December that Mobileye’s initial public offering is set for some time in mid-2022, with the chipmaker intending to keep a controlling interest after the IPO.
Mobileye is anticipated to go public at a valuation of more than €45 billion ($50 billion), according to a Reuters report.
Mobileye creates chips and other technologies for automakers to leverage in developing sophisticated driver-assistance technologies. Vehicles with an advanced driver-assistance system (ADAS) may automatically perform some driving tasks.
Mobileye’s technology is present in both passive and active ADAS units, which notify the driver of possible dangers and can handle duties like parking without human assistance. Mobileye’s technology is installed in over 100 million automobiles globally.
The unit has grown significantly since joining Intel
Mobileye’s EyeQ line of systems-on-chip is the company’s crown jewel. The algorithms that ADAS systems utilize to conduct driving duties are particularly designed for EyeQ processors. Automakers may employ software from other vendors and their own bespoke algorithms on the EyeQ hardware in their cars.
Mobileye launched the first EyeQ chip in 2007 and decided to go public seven years later at a valuation of $5.3 billion on the New York Stock Exchange. Intel spent $15.3 billion to acquire the company in 2017.
The fact that Mobileye is apparently looking to go public at a price of more than $50 billion underlines the company’s rapid evolution since joining Intel.