The initial public offering (IPO) market is starting the fourth-quarter with no companies expected to debut in the week ahead. However, last week saw the IPO filing of Intel's
Acquired by Intel for $15.3 billion in 2017, the Israel-based company specializes in making both the hardware and software that helps power autonomous vehicles. Mobileye has a portfolio of advanced driver assistance systems (ADAS) and autonomous driving solutions, which serve as the "brain" behind the company's self-driving technology.
Mobileye's filing indicates strong revenue growth, with the company generating $879 million in sales in 2019, to $967 million in 2020, to $1.39 billion last year. The company as also cut its losses from $328 million in 2019 to $75 million last year.
The company has also partnered with Audi
In the filing, CEO Amnon Shashua said currently 50 companies are using Mobileye's technology across 800 vehicle models.
Beyond collaborations with automakers, Mobileye also plan to create its own fleeting of autonomous vehicles for delivery and ride-hailing services. The company has proposed establish a robo taxi service in Germany this year, as well as a autonomous delivery service in 2023. Mobileye is also testing self-driving vehicles in New York City.
Intel previously announced plans to take Mobileye public last year, projecting the company's value at $50 billion, Bloomberg reports. Since then, the chipmaker lowered its forecast to about $30 billion. Intel has previously said it would use some funds from Mobileye's listing to build more chip factories.
The company plans to list on the Nasdaq under the symbol MBLY.
