: Mobileye stock jumps 38% in return to Wall Street, even though ‘investors don’t want to talk about autonomous vehicles right now’

by | Oct 26, 2022 | Stock Market

Mobileye Global Inc. received a warm welcome back to Wall Street on Wednesday, as the stock of the Intel Corp. autonomous-driving spinoff went up more than 30% in its first day of trading. After pricing shares in its initial public offering at $21 apiece, $1 higher than the targeted range, Mobileye’s
MBLY,
+37.95%
stock opened at $26.71 in its debut Wednesday morning on the Nasdaq and closed 38% higher than the IPO price at $28.97. After receiving a valuation of roughly $16.7 billion in the IPO, Mobileye’s market cap surpassed $23 billion at its closing price on the first day of trading.

“There’s probably very few companies that could go public in this market,” Mobileye Chief Communications Officer and head of investor relations Dan Galves said in an interview from Nasdaq on Wednesday, referencing a dormant IPO market and declining overall market in 2022. Galves noted that companies going public now must have an established product position, drawing a distinction between Mobileye and younger companies focused solely on autonomous driving. Founded by Mobileye Chief Executive Amnon Shashua in 1999, the Israeli company has become the market leader in advanced driver-assistance systems, or ADAS — Galves noted that approximately 40 million cars manufactured in …

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