Intel’s Mobileye mentioned on Tuesday it was focusing on a valuation of practically $16 billion in its preliminary public providing, lower than a 3rd of what it had beforehand anticipated, as volatility in inventory markets and rising rates of interest dampen the urge for food for brand spanking new listings.

The self-driving unit of Intel mentioned in a regulatory submitting it’s providing 41 million shares of frequent inventory priced between $18 and $20 per share, aiming to lift as much as $820 million, based mostly on the highest finish of the proposed vary of the itemizing.

Reuters, citing sources, had reported in April that the inventory market flotation might worth Mobileye at as a lot as $50 billion.

The transfer units the stage for what is predicted to be the most important expertise listings of this yr amid a market rout that has sapped the urge for food for offers, as firms battle with rising rates of interest and elevated investor scrutiny on profitability after a stellar 2021.

IPOs by U.S. expertise firms have sunk to their lowest ranges because the international monetary disaster of 2008, as a number of firms have shelved plans for his or her listings within the nation.

In accordance with Refinitiv knowledge, tech IPOs this yr have raised $507 million, the bottom quantity that has been raised by flotation since 2000.

Greek yogurt maker Chobani withdrew its plans for a U.S. IPO in September, whereas a number of different massive names comparable to Reddit and ServiceTitan have reportedly delayed their plans to go public this yr.

Goldman Sachs, Morgan Stanley, Citigroup and BofA Securities are amongst underwriters of Mobileye’s providing.