Mobileye, the Intel's "daughter" in developing the driver's support systems, has applied for primary public equity, indicating that in recent years it has increased revenues significantly, from $879 million in 2019 to $1.39 billion in 2021, from $328 million in 2019 to $75 million last year.
Mobileye shares on Nasdaq are part of Intel's business restructuring strategy. Intel purchased the Israeli company Mobileye for $15.3 billion in 2017.
Intel previously reported plans to use some of the funds raised by the Mobileye stock to build microschemists, as it plans to accept future production orders from other chip developers, while Intel will continue to prioritize the development and production of logical chips, including processors.
Mobileye's partners include Audi, BMW, Volkswagen, GM, and Ford. According to the CEO of Mobileye Amnon Shachua, 50 companies are currently using the company's technology in 800 car models.
According to a paper submitted by Mobileye to SEC, the company plans to place ordinary class A shares without specifying the number of shares and the range of prices. According to the paper, Intel will retain ownership of class B shares that have ten times more votes than class A shares, thus giving it full control over the company ' s board of directors and a decisive vote in decision-making.