Israeli autonomous driving firm goes public | CPT PPP Coverage
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Israeli autonomous driving firm goes public appeared on www.al-monitor.com by Al-Monitor: Independent, trusted coverage of the Middle East.
The Israeli autonomous driving company Mobileye is now being traded on the New York Stock Exchange.
Mobileye’s stock rose more than 37% to $28.97 a share by the end of Nasdaq’s trading on Wednesday, according to market data.
“Our dream is for every vehicle to have life-saving driver-assistance technology,” said CEO Amnon Shashua in a statement. Shashua rang the opening bell on the trading floor in New York City Wednesday in honor of the company going public.
Why it matters: Mobileye develops autonomous driving technology, including software that helps drivers avoid accidents via cameras.
The company is owned by the American tech giant Intel, which has a large footprint in Israel. Intel has purchased at least two Israeli tech companies this year.
Know more: Mobileye is valued at around $22 billion following the initial public offering. Intel bought the company for around $15 billion five years ago. Mobileye was valued at the same amount before going public, and this was the highest-ever figure for an Israeli company going public, according to the Israeli tech news site Calcalist.
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This article originally appeared on www.al-monitor.com by Al-Monitor: Independent, trusted coverage of the Middle East – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
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