Update 2: Chinese Nav Data Provider Offers IPO
Share price rose 8% on the first day out, yesterday. “AutoNavi on Wednesday priced shares of its IPO at the top end of the expected range, selling 8.625 million American Depositary Shares for $12.50 each, raising about $107.8 million.”
- Reuters
—- update 7/1/10—-
The IPO is live today. The initial public offering of 8,625,000 American depositary shares (’‘ADSs’‘), each representing four ordinary shares of the Company, was priced at $12.50 per ADS. The ADSs will begin trading on the NASDAQ Global Select Market on July 1, 2010 under the symbol “AMAP.”
—- original post 6/10/10——
AutoNavi Holdings Ltd., a venture-backed provider of maps and navigation services in China, filed Wednesday to raise up to $100 million through an initial public offering of American depositary shares.
The company offers a digital-map database that covers 2.8 million kilometers of roadway in China for nav, online and wireless apps. The money will fund facilities for research and data processing.
The company has applied to list on the Nasdaq Global Market under the symbol AMAP. Underwriters for the offering are Goldman Sachs (Asia) LLC, Oppenheimer & Co. and Pacific Crest Securities.
