Chinese Map Provider AutoNavi to IPO on Nasdaq
SEC, 6/10/10
A spokesperson announced today that Chinese digital map provider AutoNavi has already filed its IPO prospectus with the Nasdaq Stock Exchange. Documents show that AutoNavi will trade under the ticker symbol AMAP, and expects to raise USD 100 mln. Funds raised will be used to acquire data processing facilities, establish an R&D center, and fund AutoNavi's aerial photogrammetry operations as well as potential acquisitions.
AutoNavi primary business is providing navigation and mapping data covering 2.8 mln kilometers of road in China to the automobile, GPS, wireless and internet industries.
The company's total revenue in 2009 reached USD 57.2 mln, up 26% YoY, and net income attributable to shareholders rose to USD 10.4 mln, up 371.7% YoY.
Total revenue in Q1 2010 reached USD 16.6 mln, up 43% YoY and 6% QoQ. Net income attributable to shareholders was USD 0.9 mln, down 42.6% YoY. Venture capital investors in the company include Sequoia Capital, Kleiner Perkins Caufield & Byers, and Walden International.
Keywords: AutoNavi overseas listing Internet IPO Nasdaq revenue wireless GPS Sequoia Capital Walden profit e-mapping KPCB
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