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AutoNavi Holdings (NASDAQ:AMAP), a provider of digital map content and navigation and location-based solutions in China, priced its shares at $12.50 - within the expected range (see below). Shares rose 8% to $13.50 in its first day on the Nasdaq.

Business Overview (from prospectus)

We are a leading provider of digital map content and navigation and location-based solutions in China. At the core of our business is a comprehensive nationwide digital map database that covers approximately 2.8 million kilometers of roadway and over 12.5 million points of interest across China. Almost all of China’s 1.3 billion people live within the area covered by our digital map database. In addition, we have completed 3-D navigation maps of key areas in 19 major cities and photo-realistic 3-D models of 16 cities for public sector projects. We have also built a technology platform that enables us to develop tailored solutions for our customers.

Offering: 8.6 million shares at $11 - $13 per share. Net proceeds of approximately $20 million to $30 million will be used to expand data processing facilities and build a research and development center, and approximately $10 million to $20 million to fund the capital expenditure for aerial photogrammetry business.

Lead Underwriters: Goldman Sachs (Asia) L.L.C. (NYSE:GS)

Financial Highlights:

Total net revenues increased by 42.7% from $11.6 million for the three months ended March 31, 2009 to $16.6 million for the three months ended March 31, 2010...Cost of revenues increased by 30.7% from $4.3 million for the three months ended March 31, 2009 to $5.7 million for the three months ended March 31, 2010...Gross profit as a percentage of net revenues, or gross margin, increased from 62.7% in the first quarter of 2009 to 65.9% in the first quarter of 2010...Operating expenses increased by 95.0% from $4.8 million for the three months ended March 31, 2009 to $9.3 million for the three months ended March 31, 2010...Net income attributable shareholders decreased by 42.6% from $1.6 million for the three months ended March 31, 2009 to $897,000 for the three months ended March 31, 2010...

Competitors

The competitive landscape in China varies across the different markets in which we operate. While we face competition in each line of location-based solutions we offer, we believe none of our competitors provides as broad a spectrum of solutions as we do. In the in-dash navigation systems market, our primary competitor is NavInfo Co., Ltd. The portable navigation device market for digital map solutions is highly competitive with multiple map data providers. In addition, some of our competitors in these markets have formed joint venture or otherwise cooperated with the two major international digital map providers, NAVTEQ Corporation, a subsidiary of Nokia Corporation (NYSE:NOK), and Tele Atlas N.V., a subsidiary of TomTom N.V. The global reach of these two companies, their pre-existing relationships with some of our key customers, their greater financial resources and their affiliation with large navigation hardware manufacturers may help our competitors expand their respective businesses.

Additional Resources:

Source: AutoNavi IPO: A Play on China GPS