Chipmaker Intel said its self-driving car unit, Mobileye, has confidentially filed paperwork for an initial public offering in the US.
As first reported by Reuters, US technology giant Intel did not give further details about the potential float of Mobileye, but did state that there was an increasing pressure on Intel chief exec Pat Gelsinger to spin off the chipmaking operations.
Jerusalem-based Mobileye went public on Nasdaq in 2014, but was delisted after being acquired by Intel in 2017 for $15.3bn.
Intel said that it intended to float Mobileye back in December, and sources suggest that it could now be valued at $50bn.
At the time, Intel boss Pat Gelsinger said: “Intel’s acquisition of Mobileye has been a great success. Mobileye has achieved record revenue year-over-year with 2021 gains expected to be more than 40 percent higher than 2020, highlighting the powerful benefits to both companies of our ongoing partnership”.
“Amnon and I determined that an IPO provides the best opportunity to build on Mobileye’s track record for innovation and unlock value for shareholders.”
The company has been investing billions in expanding its chip manufacturing capacity in the United States and last month it snapped up Israeli chipmaker Tower Semiconductor for $5.4bn as it looks to deepen its presence in the sector amid soaring demand for semiconductors.
Gelsinger added Tower’s specialised portfolio and geographic reach will help Intel achieve its goal of “becoming a major provider of foundry capacity globally”.