Yahoo Finance Intel’s Self-Driving Car Unit Mobileye Files for IPO
(Bloomberg) -- Intel Corp. said its Mobileye self-driving car business has filed confidentially for an initial public offering.
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The chipmaker announced plans for an IPO of Mobileye late last year, signaling its intent to capitalize on an investment in a burgeoning industry. Intel has said it will remain the majority owner after the transaction.
In a filing with the U.S. Securities and Exchange Commission, Intel said the number of shares offered and the price hasn’t been determined yet and that the IPO will occur after the SEC completes its review process.
Mobileye has been a particular bright spot for Intel. The business, acquired in 2017 for about $15 billion, has consistently grown faster than its parent -- and it serves a still-nascent industry. Intel has projected that the market for automotive silicon will reach $115 billion by the end of the decade.
Intel shares jumped less than 1% on Monday after the news.
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