Mobileye rose 37.95% on its first day of trading, with a market capitalization of $23 billion

In the early morning of October 27, Intel's self-driving subsidiary Mobileye officially landed on the Nasdaq Stock Exchange under the ticker "MBLY". The opening price was $26.71 per share, up 31% from the offering price of $21. Mobileye shares closed up 37.95% from their offering price at $28.97, with a market capitalization of $23 billion.

In August, Mobileye filed an IPO application with the Securities and Exchange Commission (SEC). Goldman Sachs and Morgan Stanley are lead underwriters for the offering. According to the prospectus, Mobileye's revenue in the first half of this year was $854 million, up 21% from a year earlier. In 2021, Mobileye's revenue was $1.4 billion.

In addition, Mobileye went public in 2014, valuing it at $5 billion. Intel bought Mobileye for $15.3 billion in 2017.

After the IPO, Mobileye was valued at $16.7 billion. Intel had hoped that Mobileye would achieve a high valuation of $50 billion.

The US IPO market is at one of its all-time lows, and the total amount of initial public offerings raised by new companies this year will be the lowest in the past 20 years, according to Dealogic, a specialist company that tracks US capital market IPO data.

Regarding Mobileye's choice to go public at this special time, Intel CEO Henry Kissinger explained that this listing is of great significance to Mobileye and can "bring the company to the market."