Intel's Mobileye IPO eyes significantly lower valuation - report

FILE PHOTO: The Mobileye logo is seen during the Munich Auto Show, IAA Mobility 2021, in Munich, Germany, September 7, 2021. REUTERS/Wolfgang Rattay

(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.