The chip group Intel has to scale back expectations of its subsidiary Mobileye when it goes public on the American technology exchange Nasdaq.
Within the price range of 18 to 20 dollars, the specialist for self-driving cars and driver assistance systems from Israel is valued at 16 billion dollars.
This emerges from the stock exchange prospectus filed with the supervisory authority SEC on Tuesday.
Mobileye had actually hoped for a valuation of around 50 billion dollars.
However, that was before technology stocks in particular went down on the stock exchanges.
However, the successful IPO of the sports car manufacturer Porsche has given some candidates the courage to go public.
Mobileye customers include BMW, Volkswagen, Audi and GM.
In the course of the IPO, initially only 41 million shares are to be sold, 5 percent of the share capital.
The issue would bring up to 820 million dollars.
The first day of trading on the Nasdaq under the ticker symbol "MBLY" is scheduled for next Wednesday (October 26).
The Norwegian oil fund of the state bank Norges Bank and the financial investors Baillie Gifford and General Atlantic are ready to get involved in the IPO, Mobileye said.
The IPO is supported by the investment banks Goldman Sachs, Morgan Stanley, Citigroup and Bank of America, among others.
In the first half of 2022, Mobileye increased sales by 21 percent to $854 million, but posted a loss of $67 million.
Intel acquired Mobileye in 2017 for $15.3 billion.
Founded in 1999, the company, which is Israel's largest high-tech employer with nearly 14,000 employees, competes with Nvidia and Qualcomm for a place in the automaker's cockpit.
Unlike the rivals, Mobileye offers a camera-based system that supports driving.
So far, the Israelis have not used Intel chips, but are working together with TSMC.
In a next step, Mobileye wants to bring self-driving cars to the streets in the USA by 2024.
The vehicles with up to 14 seats are to be used as shuttles in cities.