Intel Slashes Mobileye IPO Valuation Again to $16 Billion (1)

Mobileye Global Inc., the self-driving technology company owned by Intel Corp., is targeting a valuation of about $16 billion in a public offering, far below its previous target amid a rocky year for new listings.

Intel had recently lowered its expected valuation of Mobileye to $30 billion due to turbulent market conditions, Bloomberg News reported last month.

The company plans to sell 41 million shares for $18 to $20 each, raising $820 million according to a filing on Tuesday with the US Securities and Exchange Commission. After the offering, Intel will retain a controlling stake in Mobileye. ...