AutoNavi is a Beijing-based company that provides digital map content and navigation in Chine. It’s one of around two dozen technology and map suppliers to Bing Maps. On Wedenesday, AutoNavi filed an F-1 form with the Securities and Exchange Commission, seeking to raise $100 million through an initial public offering of depositary shares.
According to Reuters, the company intends to use the proceeds from the offering to expand its data processing facilities, build a research and development center, fund capital expenditure for its aerial photogrammetry business, and for general corporate purposes. AutoNavi plans to trade on the Nasdaq under the symbol AMAP. The IPO wil be underwritten by Goldman Sachs (Asia), Oppenheimer, and Pacific Crest Securities. Existing AutoNavi shareholder investors include Sequoia Capital, Kleiner Perkins Caufield & Byers, and Walden International.