JasonDoiy
Newly public Mobileye (NASDAQ:MBLY) shares finished their first week 29% higher after staging an impressive debut on Wednesday following an upsized $861M initial public offering.
Shares of the Intel (NASDAQ:INTC) self-driving technology unit opened at $27.06, reaching a session high of $28.63 in early afternoon before sliding to close at $27.
Intel held an upsized initial public offering for the unit on Wednesday, offering 41M shares priced at $21 per share to raise $861M and score a market valuation of nearly $17B.
The deal priced modestly higher than Mobileye’s previously stated range of $18 to $20, although Intel had said earlier in week that the shares could price above $20. Intel still holds the vast majority of Mobileye’s stock and voting rights.
Mobileye’s stock opened its first session at $26.71, hitting an all-time high of $29.86 and an all-time low of $26.03.
Intel bought Israel-based Mobileye in 2017 for $15.3B. The chipmaker had originally sought an IPO that would value the company at around $50B. Mobileye first filed for an IPO in March.
Image and article originally from seekingalpha.com. Read the original article here.