Image Credit: reuters.com
Intel Corp's (INTC.O) self-driving unit Mobileye on Friday unveiled its
filing for a U.S. initial public offering, testing support for a high profile
stock debut even as the market for new issues has virtually collapsed.
The tech IPO market globally is in the middle of its worst drought in
nearly two decades. U.S. listings have raised a little over $7 billion so
far this year, according to data from Dealogic. Last year traditional IPOs,
excluding special purpose acquisition companies, had raised a record
$154 billion. Mobileye's IPO, coming on the heels of Porsche's blockbuster
debut in Europe, could, however, be an early sign of improving investor
sentiment. If Mobileye's debut is received well, it may embolden other big
names such as Instacart, Reddit and ServiceTitan, which postponed their
IPOs earlier this year until the market improves. Earlier in September, AIG
Inc's life insurance and retirement division Corebridge Financial Inc
(CRBG.N) raised $1.68 billion in the year's biggest IPO, braving market
volatility and ending a seven-month lull in major listings. Mobileye, which
confidentially filed for its IPO earlier this year, reported first-half revenue of
$854 million, a 21% jump from the year-ago period, according to its IPO filing.
In 2021, Mobileye posted $1.4 billion of revenue.