Intel Mobileye said Tuesday that it plans a valuation of nearly $16 billion initial public offering of sharesless than a third of what was previously expected in terms of volatility stock markets and rising interest rates reduce the appetite for new listings.

Intel’s automotive unit said in a regulatory filing that it is offering 41 million common shares at a price of $18 to $20 a share with the aim of raising up to $820 million, based on the upper end of the proposed listing range.

Reuters, citing sources, reported in April that an IPO could value Mobileye at $50 billion.

The move sets the stage for what is expected to be the biggest tech listing this year amid a market rout that has sapped appetite for deals as companies grapple with rising interest rates and heightened investor scrutiny of returns after a stellar 2021.