Though turmoil in the broader markets had an adverse impact on IPOs last week with only two out of eight scheduled deals completed, volume remains high with seven additional deals on the IPO calendar for this week. With the NASDAQ experiencing its largest intraday gain in over a year on Monday in response to news of the European Union's $1 trillion bailout package, increased risk appetite could bode well for this week's crop of deals. Two deals likely to generate interest among IPO investors are Express (EXPR), the sixth largest specialty retailer in the US, and TeleNav Holdings (TNAV), a leading provider of mobile navigation services. Though Express is the larger of the two companies, TeleNav has a more aggressive growth outlook and could be well-positioned to ride the wave of successful tech IPOs that took place in March.
TeleNav plans to raise $84 million by offering 7 million shares at a range of $11-$13. At an IPO price of $12 per share, TeleNav will command a market capitalization of $541 million and an enterprise value of $437 million. The Sunnvale, CA-based software firm plans to list on the NASDAQ under the symbol TNAV. J.P. Morgan and Deutsche Bank Securities are the lead underwriters on the deal.
Read our full IPO Commentary on TeleNav.
