mobileye global inc received a warm welcome back to wall street on wednesday as the intel corp autonomous driving spinoff’s stock increased more than 30 in its first day of trading after pricing shares in its initial public offering at 21 apiece 1 higher than the targeted range mobileye’s mbly stock opened at 2671 in its debut wednesday morning on the nasdaq then moved as high as 2848 in its first hour of trading after receiving a valuation of roughly 167 billion in the ipo mobileye’s market cap surpassed 20 billion in its first day of trading intel intc agreed to pay 153 billion in cash for mobileye to take the automateddriving pioneer off the public markets in 2017 though the acquisition took until 2018 to officially close intel chief executive patrick gelsinger accompanied mobileye chief executive amnon shashua to the nasdaq on wednesday to celebrate the first day of trading gelsinger is expected to serve as chairman of mobileye’s board shashua published a letter to customers after the stock began trading calling it “an exciting new chapter in mobileye’s history” “this is not new territory for us” shashua wrote “we operated independently before and during our time with intel selffunding our rd and transformation from technology supplier to mobility enabler and i am confident in our ability to continue growing and thriving as a publicly traded company” shashua founded mobileye in 1999 and the israeli company has become the market leader in advanced driverassistance systems or adas those systems examples include general motors inc’s gm super cruise or tesla inc’s tsla autopilot offer features such as lane control and adaptive cruise control in highway conditions mobileye works with more than 50 auto manufacturers to install such systems in more than 800 model types and 125 million individual cars the company said in its filings with the securities and exchange commission don’t miss five things to know about the mobileye ipo as intel returns the automateddriving company to wall street mobileye is also looking to the next generation of automated driving by separately developing fully autonomous robotaxis the company has promised to roll out robotaxis commercially in two markets tel aviv and munich by the end of the year and mkm partners managing director rohit kulkarni noted from the company’s roadshow that executives presented “a somewhat ambitious mediumterm target of producing a fully autonomous vehicle av system at “while the core of our business today is making humandriven cars safer we are working tirelessly to bring about a future of autonomously driven vehicles” shashua wrote in a letter to investors included with the company’s ipo prospectus mobileye raised just short of 1 billion in the ipo though the total could top that mark if underwriting banks sell the overallotment stake of more than 6 million shares only two initial offerings have raised 1 billion or more in 2022 as the ipo market has dried up following a record year privateequity firm tpg inc tpg raised exactly 1 billion in january and american international group inc aig spinoff corebridge financial inc crbg raised at least 168 billion in september intel will receive the bulk of the cash raised in the ipo mobileye agreed to return as much as 35 billion to intel in a dividend though the parameters established require that mobileye has 1 billion in cash and equivalents and nothing is owed after the ipo wells fargo analysts wrote that about 225 million will go to mobileye while the rest goes to intel intel will also retain official control of mobileye holding on to 94 of the economic interest in the company and more than 99 of the voting control the wells fargo analysts suggested that the valuation of the stock intel will retain should be worth about 3 to 4 a share for the silicon valley chip maker