(Reuters) -Intel Corp is eyeing a valuation that is significantly lower than previously expected for the initial public offering of its self-driving car unit Mobileye, the Wall Street Journal reported on Monday, citing people familiar with the matter.
Mobileye, which was originally expected to land a roughly $50 billion valuation, is now set to target one of under $20 billion and sell a smaller number of shares than originally planned, according to the report.
Intel did not immediately respond to a Reuters request for comment.
The lower valuation underscores the downturn in the market for new listings, with the tech IPO market facing its worst drought in nearly two decades.
Mobileye, which late last month unveiled its filing for a U.S. IPO with plans to list shares on Nasdaq under the ticker “MBLY”, counts BMW, Audi, Volkswagen, Nissan, Honda and General Motors as its clients.
The self-driving car unit is also planning to launch its roadshow for prospective investors on Tuesday, a day later than anticipated, WSJ reported.
(Reporting by Deborah Sophia in Bengaluru; Editing by Shounak Dasgupta)
