Autonomous driving leader Mobileye to sell $3.1B IPO

The company behind self-driving systems and light-emitting sensors that enhance automotive safety plans to raise $3.1 billion in an initial public offering, it was announced on Tuesday.

Mobileye NV, which counts Intel Corp. (INTC) and BMW among its clients, said it would offer 85 million shares of common stock at a range of $22 to $24 per share in its IPO. The company is expected to list on the Nasdaq Stock Market under the symbol “MBLY.”

Mobileye sold a 70 percent stake in the company in 2016 to Intel for $15.3 billion.

The company also plans to use the proceeds to fund “investments in autonomous technology, including continuing to make investments in new capabilities for advanced driver assistance systems (ADAS), advanced driver assistance systems at a lower level, advanced collision avoidance and other technologies that aim to make personal mobility better and safer,” the firm said in an SEC filing on Tuesday.

Mobileye added that “proceeds from the sale of this stock and certain other notes will be used to fund the company’s growth strategy.”

The filing also mentioned Mobileye’s use of a post-IPO stockholder, although it did not describe what that status was. In a press release issued Tuesday, Mobileye said Intel would continue to own 80 percent of the company following the IPO, excluding options for stock owned by the public and employees.

The same filing described the planned 2020 IPO of Mobileye as part of a broader reorganization at the company, from a regional company structure to a consolidated platform.

Mobileye’s stock is currently listed on the NASDAQ Global Select Market.

Companies IPOs

Facebook 2Q19: Information technology company Baidu (BOBOF) (BIDU) became the world’s second-largest IPO so far this year when it raised $16.05 billion last month. Its market cap is around $117 billion.

Information technology company Baidu (BOBOF) (BIDU) became the world’s second-largest IPO so far this year when it raised $16.05 billion last month. Its market cap is around $117 billion. Twitter 3Q18: First-time public company Snap Inc. (SNAP) made history in June when its offering was the largest in history, raising $3.4 billion.

First-time public company Snap Inc. (SNAP) made history in June when its offering was the largest in history, raising $3.4 billion. Dropbox 3Q18: The file storage and syncing company added $1.2 billion in market cap over the summer when it went public in July.

The file storage and syncing company added $1.2 billion in market cap over the summer when it went public in July. Twitter 6M18: Twitter (TWTR) debuted its public offering on November 1, 2018, following a successful private offering in March.

Twitter (TWTR) debuted its public offering on November 1, 2018, following a successful private offering in March. Square 1Q19: Square Inc. (SQ) made headlines in January when it raised more than $1 billion. The company is now worth more than $22 billion.

There’s been an explosion of IPOs this year, with an increasing number of tech firms coming public.

Companies IPOs by State

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