:Intel Corp's self-driving unit Mobileye on Friday unveiled its filing for a U.S. initial public offering, testing support for a high profile stock debut even as the market for new issues has virtually collapsed.
If Mobileye's debut is received well, it may embolden other big names such as Instacart, Reddit and ServiceTitan, which postponed their IPOs earlier this year until the market improves. In its filing on Friday, Mobileye confirmed that Goldman Sachs and Morgan Stanley are the lead underwriters.Mobileye has not set a price range for its IPO yet, but Reuters has reported that the company could target a valuation as high as $50 billion for its share sale.
The Mobileye listing is part of Intel's broader strategy under Chief Executive Pat Gelsinger to turn around its core business.