[May 20, 2010] TeleNav raises $64.4 million through IPO of common stock Tweet May 20, 2010 (Datamonitor Financial Deals Tracker via COMTEX) -- TeleNav, Inc. has completed its initial public offering (IPO) of 8.05 million shares of common stock at a price of $8 per share raising gross proceeds of $64.4 million. TeleNav is a US-based provider of wireless location-based services (LBS) including GPS navigation, Mobile Resource Management (MRM), asset GPS tracking (AVL) and local search. Update on May 17, 2010: TeleNav has announced that the underwriters have exercised in full their option to purchase an additional 1.05 million shares of common stock to cover overallotments. The full exercise of the overallotment option brings the total number of shares of common stock to be sold in the public offering to 8.05 million. Of the shares of common stock in the offering, TeleNav will offer 6.55 million shares and selling stockholders will offer 1.5 million shares. The offering is expected to close on or about May 18, 2010. Update on May 13, 2010: TeleNav has priced its IPO of 7 million shares of common stock at a price of $8 per share to raise gross proceeds of $56 million. In addition, TeleNav has granted the underwriters a 30-day option to purchase up to an additional 1.05 million shares of common stock from TeleNav, solely to cover over-allotments, if any. Update on April 26, 2010: TeleNav has set the price band for its proposed IPO of 7 million shares of common stock between 11 and $13 per share. Of the total shares, the company is offering 5.5 million shares and the selling stockholders are offering the remaining 1.5 million shares. Announcement (October 30, 2009): TeleNav has filed a registration statement with the US Securities and Exchange Commission (SEC) to raise up to $75 million in an IPO of common stock. Earlier, TeleNav raised venture funding from Menlo Ventures, iGlobe Partners, Inc., Tenaya Capital and Sycamore Ventures Pte., Ltd. J.P. Morgan Securities, Inc. and Deutsche Bank Securities, Inc. are acting as joint book-running managers of the offering. Robert W. Baird & Co., Inc., Canaccord Adams, Inc., Piper Jaffray & Co. and Pacific Crest Securities LLC are acting as underwriters for the offering. Deal Value (US$ Million) 64.4 Deal Type IPO Sub-Category Completed Deal Status Completed: 2010-05-18 Deal Participants Target (Company) TeleNav, Inc. Deal Rationale The company intends to use the net proceeds from this offering for general corporate purposes, including working capital. It also may use a portion of the net proceeds to acquire complementary businesses, products, services or technologies. Offer Price ($ per share) 8 No. Shares Issued 8050000 [ Back To TMCnet.com's Homepage ]