TeleNav slashes projected IPO price

Location-based solutions provider TeleNav will cut the anticipated price of its planned initial public offering from an estimated $11 to $13 apiece down to $9 to $10 apiece, according to a filing with the U.S Securities and Exchange Commission. The Wall Street Journal reports that while many firms are mothballing their IPO plans, TeleNav still plans to sell a minimum of 5.5 million shares, with current shareholders offering at least another 1.5 million. TeleNav is expected to trade on the Nasdaq Global Market under the symbol TNAV; the firm's voice-guided navigation service is available from operators including AT&T and Sprint, with an average of 14.5 million paying users worldwide.

TeleNav filed plans to raise as much as $75 million late last year. The timing of the TeleNav IPO was somewhat surprising given that the filing followed just days after web services giant Google announced the pending launch of Google Maps Navigation, a free turn-by-turn navigation app debuting on its Android mobile operating system--in the weeks since, Nokia has also introduced its free Ovi Maps turn-by-turn navigation solution, calling into question the longterm survival of the premium navigation segment.

For more on the TeleNav IPO:
- read this Wall Street Journal article

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