Shulou(Shulou.com)11/24 Report--

Sina Technology News Beijing time on October 18 morning news, according to sources familiar with the situation, Intel plans to its self-driving car division Mobileye to much lower than the previous expected valuation IPO (initial public offering).

Intel initially estimated that the Mobileye would be valued at about $50 billion, but now its target is less than $20 billion, and fewer shares will be sold in the IPO than originally planned, according to sources.

The downgrade in Mobileye valuations highlights the gloom in the IPO market, which is facing its worst "drought" in nearly two decades in the technology IPO market.

At the end of last month, Mobileye announced that it had filed an application for a listing of IPO in the United States, and the company plans to list on Nasdaq under the ticker symbol "MBLY." According to reports, the company still plans to start trading shares on NASDAQ on October 26.

Mobileye plans to launch a roadshow for potential investors on Tuesday, a day later than expected, according to sources.

Intel is scheduled to release its third-quarter results after October 27, EDT (in the early hours of October 28, Beijing time). Intel is expected to report a decline in revenue due to the poor performance of the PC market and supply chain chaos, according to data provided by Refinitiv, a provider of financial market data and infrastructure.

Intel CEO Pat Kissinger (Pat Gelsinger) said last year that the company would retain most of the money from Mobileye's initial public offering and use some of it to build more chip factories.

Mobileye was founded in 1999 and its customers include BMW, Audi, Volkswagen, Nissan, Honda and General Motors. In 2017, Intel bought the company for about $15.3 billion.

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