Intel's Mobileye cuts valuation to $14.4B-$16B in planned IPO
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Intel's (NASDAQ:INTC) self-driving company Mobileye (MBLY) plans an initial public offering price of between $18 and $20/share. 
Mobileye plans to offer 41 million shares in an IPO at $18 to $20/share to raise $820 million, according to an S-1 filing. At the high end of the price range, Mobileye would be valued at about $16 billion.
The filing comes as Mobileye (MBLY) has cut its valuation to $16 billion after originally seeing a valuation of about $50 billion, according to media reports.
Mobileye Global (MBLY) filed for an IPO late last month. The IPO filing followed a drastic cut to the expected valuation for the unit.
In March, Intel (INTC) said that it had confidentially submitted its draft registration statement with the Securities and Exchange Commission for the IPO.
Santa Clara, California-based Intel (INTC) is IPOing Mobileye (MBLY) in part to help turn the semiconductor giant around as it competes with Advanced Micro Devices (AMD), Nvidia (NVDA) and others. Under Chief Executive Pat Gelsinger, Intel (INTC) is attempting to turn around its core business, as well as expand into the foundry business, producing chips for other clients.
Intel bought Mobileye in 2017 for about $15.3B.
Goldman Sachs and Morgan Stanley are leading the IPO and Mobileye plans to trade on the Nasdaq under the symbol "MBLY."