Mobileye Global (Nasdaq: MBLY), an Israeli self-driving car and advanced driver-assistance systems unit, had a lucrative Wall Street debut Wednesday.

Mobileye returned to Wall Street after five and a half years as an Intel-owned private company. The IPO (initial public offering) was the largest on Wall Street this year, making it the most valuable Israeli company, easily surpassing Check Point Software Technologies (Nasdaq: CHKP), valued at $14.6 billion.

The Mobileye share price rose 38% to $28.97 on the first day of trading, giving the company a market capitalization of $23.068 billion.

Despite Mobileye’s strong performance, it should be noted that the company initially planned to hold the IPO last year at a company valuation of $50 billion after Intel acquired it in 2017 for $15.2 billion.

However, the market’s poor performance this year forced Intel to reduce Mobileye’s valuation, and the flotation (the process of changing a private company into a public company by issuing shares and encouraging the public to purchase them) was held on Wednesday at a company valuation of just under $17 billion. Mobileye may have set a lower price in hopes of enticing investors and creating  momentum that would raise the company’s market cap.

JNS

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