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TeleNav (TNAV), a provider of location based services, priced its IPO on May 13 at $8 per share, below range.

Business Overview (from prospectus)

We are a leading provider of location based services, or LBS, including voice guided navigation, on mobile phones. Our LBS solutions provide consumers and enterprises with convenient and easy to use location specific, real time and personalized features and functions. By using an integral tool of their daily lives, their mobile phone, our end users can access our LBS almost anytime and anywhere to efficiently navigate to their destinations and easily obtain relevant local information. Through our hosted service delivery model, we provide our solutions through the networks of leading wireless carriers in the United States, including Sprint Nextel Corporation, or Sprint (S), and AT&T Inc., or AT&T (T), as well as through certain carriers in other countries. Our flexible and proprietary LBS platform enables us to efficiently provide our LBS to millions of end users, across more than 500 types of mobile phones, all major mobile phone operating systems and a broad range of wireless network protocols. In the three months ended March 31, 2010, we had a monthly average of 14.5 million paying end users, who represented less than seven percent of our U.S. wireless carrier partners’ total subscribers.

Offering: 7 million shares at $8 per share. Net proceeds from this offering will be used for general corporate purposes.

Lead Underwriters: J.P. Morgan (JPM), Deutsche Bank Securities (DB)

Financial Highlights:

Revenue increased 59% from $76.6 million in the nine months ended March 31, 2009 to $121.7 million in the nine months ended March 31, 2010...Gross profit increased from $62.9 million in the nine months ended March 31, 2009 to $100.5 million in the nine months ended March 31, 2010...Research and development expenses increased 73% from $16.3 million in the nine months ended March 31, 2009 to $28.1 million in the nine months ended March 31, 2010...Net income was $30.8 million in the nine months ended March 31, 2010 as compared to $19.3 million in the nine months ended March 31, 2009...

Competitors

The market for development, distribution and sale of LBS is highly competitive. Many of our competitors have greater name recognition, larger customer bases and significantly greater financial, technical, marketing, public relations, sales, distribution and other resources than we do. We compete in the LBS market and our primary competitors include providers of LBS such as Google (GOOG), Navigon, TCS through its acquisition of NIM, Telmap, TomTom and Nokia (NOK); PND providers, such as Garmin (GRMN) and TomTom; integrated navigation mobile phone manufacturers such as Garmin (GRMN) and Nokia (NOK); providers of Internet and mobile based maps and directions such as AOL/Mapquest (AOL), Google (GOOG), Microsoft (MSFT) and Yahoo! (YHOO); and wireless carriers and communication solutions providers developing their own LBS, such as TCS through its acquisition of NIM.

Additional Resources:

Source: TeleNav IPO Disappoints