REUTERS/Shannon StapletonOct 26 (Reuters) - Shares of Mobileye Global Inc (MBLY.O) opened 27% higher on Wednesday, valuing the self-driving technology unit of Intel Corp (INTC.O) at $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.
"Investors now place greater focus on companies' free cash flows, revenues/profitability or path-to-profitability, over just growth projections," said Paul Go, global IPO leader at EY.
Before being acquired by chipmaker Intel in a $15.3 billion deal in 2017, Mobileye had been listed on the New York Stock Exchange since 2014.
On Tuesday, Mobileye was valued at $16.7 billion after selling shares above the marketed range of $18 to $20, to raise $861 million.