Despite a volatile market of late, LBS services provider TeleNav went ahead with its IPO yesterday, pricing 7 million shares at $8 as opposed to the $11-$13 range it had once hoped to debut at. The company raised $56 million.
TeleNav is trading on Nasdaq under the symbol “TNAV.” At one point yesterday, shares traded as high as $10.30.
Earlier this week, it wasn’t clear whether TeleNav would proceed with its IPO. Several IPO deals scheduled by companies last week didn’t come to fruition.
J.P. Morgan Securities and Deutsche Bank Securities are listed as joint book-running managers for the TeleNav offering. Robert W. Baird & Co., Canaccord Genuity., Piper Jaffray & Co. and Pacific Crest Securities LLC are acting co-managers.
TeleNav’s paid navigation services are offered through carriers such as Sprint and AT&T.
On Tuesday, Microsoft became the third major player after Google and Nokia to offer navigation for free. Turn-by-turn navigation is now available for Windows 6.x phones powered by Bing Maps. Microsoft is relying on voice expertise acquired through its Tellme unit; voice-guided navigation is available for Windows phones on Sprint, T-Mobile USA and AT&T.