Intel is significantly lowering its target valuation in the IPO of its self-driving car unit to under $20 billion, people familiar with the matter say
As markets react to inflation and high interest rates, technology stocks are having their worst start to a year on record. WSJ’s Hardika Singh explains why the sector — from tech giants to small startups — is getting hit so hard. Illustration: Jacob ReynoldsIntel Corp. is eyeing a significantly lower valuation than previously expected in the initial public offering of its Mobileye Global Inc.
self-driving car unit, according to people familiar with the matter, in the latest sign of the beleaguered state of the new-issue market., is now set to target one that is under $20 billion and sell a smaller number of shares than originally planned, the people said. By selling fewer shares at a lower price, the company and its advisers are hoping to drum up interest that will push up the shares after they start trading, some of the people said.
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