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Electronics news

Intel plans to float business shares on the stock exchange (IPO)

Chip maker Intel has announced that it will spin off its Software Solutions Group (PSG) into a separate entity through an IPO. As of January 1, 2024, PSG will operate as a separate entity, but owned by Intel.

Intel said it will provide financial statements for PSG as a separate entity for the first quarter of 2024. The company added that over the next 2-3 years, it will explore the possibility of bringing in private investors to "accelerate the growth of the business" while retaining a majority stake.

Intel also said that PSG will source silicon from Intel Foundry Services as an external customer. It was also announced that Sandra Rivera, Intel's executive vice president, will lead PSG as CEO and Shannon Poulin has been named CEO.

"PSG's independence is essential to the company's continued growth through capacity and supply sustainability. In addition, PSG's independence will allow Intel professionals to focus on core business and long-term strategy," Intel CEO Pat Gelsinger said in a statement. He added: "Sandra has a proven track record of breathing new life into the DCAI (Data Center AI) system."