Shares of Mobileye Global opened 27 per cent higher on Wednesday , valuing the self-driving technology unit of Intel Corp at US$21.3 billion as investors lapped up what could be the last big IPO of 2022.
It also underscores Mobileye's strong financials, analysts said, which attracted investors who have turned selective amid mounting economic challenges. The debut comes after a turbulent period that saw Mobileye settle for merely a third of the US$50 billion valuation it was targeting earlier in its IPO.
"The reopening of the IPO window will still depend on returns improving and volatility settling," said Avery Spear, senior data analyst at Renaissance Capital.
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