Mobileye, an Intel unit, raised $861 million in IPO

Reuters reports that Mobileye Global Inc, the unit of chip maker Intel Corp, which develops self-driving systems, raised $861 million in an initial public offering (IPO) without fear of trading volatility. 

Mobileye said in a press release that it floated 41 million shares at $21 a share. The company had previously planned for the IPO to be priced between $18 and $20 a share.

Pat Gelsinger, an Intel executive, defended Mobileye's decision to launch an IPO, stressing that the listing is a way to "bring (Mobileye) to market."

According to a filing with the U.S. Securities and Exchange Commission, Intel retains a large block of shares, which will include all of the Class B shares that Mobileye intends to issue. One class B share will have voting rights corresponding to 10 class A shares.

Mobileye stock is scheduled to begin trading Wednesday on the Nasdaq Stock Exchange under the symbol "MBLY."

Goldman Sachs Group Inc. and Morgan Stanley are serving as lead underwriters for the offering.