Intel announces spin-off of automotive company to IPO

It was all about the ticker symbol, and Intel made that known when it officially announced its intention to go public via a spin-off of its Mobileye subsidiary. The company said it plans to start trading as Intel Corp. (INTC) on the Nasdaq Stock Market on May 24, 2022.

“As a spin-off, this is a natural step for Mobileye as we continue to invest and drive innovation in our autonomous vehicle business,” Intel CEO Brian Krzanich said in a statement. “We see this as a next significant step in Intel’s global mission to empower a new era of computing.”

Intel will make its initial public offering as a Netherlands-domiciled holding company, with its main listing in Israel. The company owns a 62% stake in Mobileye and remains one of its main investors.

Intel’s fourth-quarter sales fell more than expected in its latest period, with the company blaming poor sales of its PC processors.

Intel launched Mobileye with its acquisition of the automotive technology firm in 2014. That was the first big deal under Krzanich, who took over the role of CEO in 2013 after serving as Intel’s president.

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