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Intel Lowers Target for Mobileye, Aiming for $30 Billion IPO

  • Company could delay IPO until 2023 as it copes with stock rout
  • Original plan was to offer the stock around the middle of 2022
Updated on

Intel Corp. is scaling back expectations for its Mobileye initial public offering in the face of a broader stock slump and could delay the share sale until next year if conditions don’t improve, people familiar with the process said.

The company expects the IPO to value the self-driving technology business at as much as $30 billion -- less than originally hoped -- according to the people, who asked not to be identified because the deliberations are private. The original plan was to offer the stock around the middle of 2022, and Reuters and others reported potential valuations of more than $50 billion.