Mobileye valued at over $21 billion as stock opens 27% above IPO price, and keeps rising
Mobileye Global Inc. was cheered by investors on its Wall Street debut on Wednesday, as shares of the autonomous driving spinoff of Intel Corp. opened 27.2% above the initial public offering price. The company was valued at about $16.7 billion and raised $861.0 million, as it said late Tuesday that it sold 41.0 million shares in its IPO, which priced at $21 a share, above the expected range of between $18 and $20 a share. The stock's first trade on the Nasdaq was at $26.71 at 11:39 a.m. Eastern for 3.6 million shares, which valued the company at about $21.27 billion. The stock has extended gains since the open, to trade 32.6% the IPO price. Mobileye has gone public at a time when the Renaissance IPO ETF has lost 3.2% over the past three months while the S&P 500 has slipped 1.0%.
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