Intel spinoff Mobileye’s stock jumps 28% from IPO price in Nasdaq debut

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Mobileye Global Inc. MBLY, +39.49% was cheered by investors on its Wall Street debut on Wednesday, as shares of the autonomous driving spinoff of Intel Corp. INTC, -0.71% opened 27.2% above the initial public offering price. The company was valued at about $16.7 billion and raised $861.0 million, as it said late Tuesday that it sold 41.0 million shares in its IPO, which priced at $21 a share, above the expected range of between $18 and $20 a share. The stock’s first trade on the Nasdaq was at $26.71 at 11:39 a.m. Eastern for 3.6 million shares, which valued the company at about $21.27 billion. The stock has extended gains since the open, to trade 32.6% the IPO price. Mobileye has gone public at a time when the Renaissance IPO ETF IPO, -1.21% has lost 3.2% over the past three months while the S&P 500 SPX, -0.64% has slipped 1.0%.

This article was originally published by Marketwatch.com. Read the original article here.

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