Intel floated its Israeli automotive technology unit at a valuation of nearly $17 billion; Mobileye’s current market cap is $27.1 billion.
The largest flotation on Wall Street this year in valuation terms was that of Israeli company Mobileye Global Inc. (Nasdaq: MBLY), developer of assisted driving and autonomous vehicle technology. The company, which was acquired by Intel six years ago for $15 billion was floated at the end of October at a valuation of nearly $17 billion and raised $861 million.
On its first day of trading, the company’s share price shot up 38%, and it has continued to climb since, to a current market cap of $27.1 billion, giving a 61% return since the flotation. Mobileye has thus become one of the best offerings of 2022. Intel, which remains the controlling shareholder in Mobileye can certainly be happy.
RELATED ARTICLES
Mobileye jumps on Q3 results and strong guidance
Mobileye soars on Nasdaq debut
Mobileye a ray of light for Intel
Actelis Networks’ share price halves after Nasdaq IPO
In terms of amount raised, two flotations were bigger than Mobileye. One was financial company Corebridge (NYSE: CRBG), which raised $1.7 billion; the other was asset management company TPG (Nasdaq: TPG), which raised $1 billion. Data from Renaissance Capital show that there were 71 flotation sin 2022 (up to mid-December), raising a total of $7.7 billion. In 2021, there were 397 flotations, and they raised over $142 billion in total. According to Renaissance, the number of flotations in 2022 is the lowest for three decades.
Published by Globes, Israel business news – en.globes.co.il – on December 18, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
Mobileye IPO credit: Nasdaq
Assaf Gilead and Dubi Ben-Gedalyahu
