Intel (NASDAQ:INTC) has drastically reduced the valuation for the upcoming initial public offering of its self-driving unit, Mobileye, to $30B from a previously hoped for $50B, Bloomberg reported.

The news outlet, citing people familiar with the process, also noted that the share sale could be delayed, pointing out that the valuation decline and potential delay are attributed to the broader slump in the stock market.

 

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The IPO could still happen if semiconductor stocks rebound, but if they stay weak, the offering would be pushed back, Bloomberg added.

Intel  shares gave up earlier gains and were flat in mid-day trade following the report.

The Pat Gelsinger-led Intel  declined to comment when questioned by Seeking Alpha.

In March, Intel  said that it had confidentially submitted its draft registration statement with the Securities and Exchange Commission for the IPO.

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One month later, Intel (INTC) was reported to have hired Goldman Sachs and Morgan Stanley to help run the IPO process.

Intel (INTC) purchased the Israeli tech company for $15.3B in 2017.

Santa Clara, California-based Intel (INTC) is expected to retain a majority ownership of Mobileye following the IPO, which is being sold in part to help turn the semiconductor giant around as it competes with Advanced Micro Devices (AMD), Nvidia (NVDA) and others.

Under Chief Executive Pat Gelsinger, Intel (INTC) is attempting to turn around its core business, as well as expand into the foundry business, producing chips for other clients.

Last week, Intel (INTC) broke ground on its plant in Ohio, with President Biden attending the event