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At 10:31 a.m. Eastern Time, the shares were indicated to open at $25.05, up from the initial public offering price of $21 per share.
The upbeat showing comes when technology stocks have come under pressure following downbeat earnings reports from Microsoft Corp (NASDAQ:MSFT) and Google parent Alphabet (NASDAQ:GOOGL) Inc.
Mobileye’s strong reception may buck the trend of recent market debuts where investors have given the cold shoulder to newly-listed companies.
Though the Israel-based company was valued much lower than the $50 billion it was seeking earlier in an IPO, it sold only a 5% stake in itself, limiting the financial hit.
Typically, companies looking for an IPO sell about 10% to 20% of their stake.
On Tuesday, Mobileye was valued at $16.7 billion after selling shares above the marketed range of $18 to $20, to raise $861 million.
Goldman Sachs & Co (NYSE:GS) and Morgan Stanley (NYSE:MS) are the lead underwriters for Mobileye’s IPO.
