(New York) Mobileye, the subsidiary of Intel specialized in assistance and autonomous driving, made a remarkable debut on the New York Stock Exchange on Wednesday, the title of the automotive equipment company for autonomous driving climbing by 35% .
Posted at 12:25 p.m.
Introduced at a price of $21, which valued the company at $17 billion, the stock was sought after at $28.41, up 35%, in mid-session around 12 p.m.
The first steps of the Israeli company on Wall Street come against a backdrop of a marked slowdown in IPOs, with many companies showing signs of being cautious in the face of a volatile market and an uncertain macroeconomic environment.
Mobileye was introduced at a price well below its stated ambitions last year.
At the end of 2021, it was still counting on a stock market value of 50 billion dollars, according to several media.
Listed on the NASDAQ electronic stock exchange under the symbol MBLY, it sold 41 million ordinary shares on the occasion of this IPO, which should allow it to raise at least 861 million dollars in total.
Intel paid $15.3 billion in 2017 to buy it.
According to its founder and CEO Amnon Shashua, the takeover by Intel aimed to accelerate the development of autonomous driving, while the group was mainly established so far in driving assistance.
Mobileye, which today has about 3,100 employees, says it has equipped more than 125 million vehicles since its creation in 1999 and currently works with more than 50 manufacturers.
Over the first three quarters of 2022, the amounts raised per IPO fell by 93% on Wall Street, according to Renaissance Capital. The weather is particularly cloudy for the technology sector, which is suffering from tightening credit conditions and the prospect of an economic slowdown.