Thursday, May 13, 2010

TeleNav Up In IPO Debut

Sunnyvale-based TeleNav debuted on the market Thursday, closing at $9.80 after selling 7 million shares of its common stock at $8.0 per share. The IPO netted thef firm around $56M. TeleNav had initially set its IPO pricing at between $9 to $10 per share. TeleNav was backed by Menlo Ventures and iGlobe Partners Fund, Sycamore Venture Capital, and others. The firm's IPO was underwritten by J.P. Morgan, Deutsche Bank Securities, Baird, Canaccord Genuity, Piper Jaffray, and Pacific Crest Securities.