Mobileye, an Intel subsidiary developing technology for self-driving vehicles, announced that the company intends to list Class A common stock at USD 18–20 per share, targeting a valuation of USD 15.9 billion in its initial public offering (IPO)–less than a third of its initial expectations amid stock market volatility and rising interest rates.

Intel looks to raise around USD 820 million through the IPO and intends to utilize the funds to support working capital needs and corporate expenses. 

Intel is to maintain ownership of Class B shares which have 10x the votes of Class A shares that give the company control over Mobileye’s Board and decision-making.

Intel’s autonomous driving unit Mobileye offers cameras, computer chips, and software for autonomous driving technologies and advanced driver assistance systems (ADAS). Its technology is currently being used by 50 companies across 800 vehicle models.

Analyst QuickTake: Intel acquired then publicly listed Mobileye in March 2017 (delisted thereafter) for USD 15.3 billion to develop self-driving technology for automotive companies. Mobileye originally debuted on the Nasdaq in 2014 at a USD 5.31 billion valuation. Prior to today's news Mobileye unveiled its filing for the IPO in September but was reportedly targeting a much higher valuation of around USD 50 billion.