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According to Corrie Driebusch from The Wall Street Journal, Intel (NASDAQ:INTC) expects a much lower valuation than previously expected in the initial public offering of its Mobileye Global Inc. self-driving car unit, which was originally expected to land approximately $50 billion valuation.
According to people familiar with the matter, now the target is under $20 billion. Some people said the company plans to sell a smaller number of shares than originally planned at a lower price, and hopes to drum up interest that will push up the shares after they start trading.
Intel, which acquired Mobileye in 2017 for $15.3 billion, filed for an IPO of the unit last month and is expected to detail its new valuation expectations Tuesday.
