Intel’s Mobileye division has announced it is looking at a valuation of nearly $16 billion (£14.2 billion) in its initial public offering, less than a third of what it had previously expected.

Reuters reports volatility in stock markets and rising interest rates “dampen the appetite” for new listings.

The self-driving unit of Intel said in a regulatory filing it is offering 41 million shares of common stock priced between $18 and $20 per share, aiming to raise up to $820 million, based on the top end of the proposed range of the listing.

Reuters reported in April that sources had suggested the stock market flotation could value Mobileye at as much as $50 billion.

The news agency comments that the move sets the stage for what is expected to be one of the biggest technology listings this year amid a market rout that has sapped appetite for deals, as companies struggle with rising interest rates and increased investor scrutiny on profitability after a stellar 2021.

(Picture – Mobileye)