TeleNav, the leading provider of mobile navigation services on the Sprint and AT&T networks, lowered the proposed deal size for its upcoming IPO on Thursday. The Sunnyvale, CA-based company now plans to raise $67 million by offering 7 million at a price range of $9-$10. The company had previously filed to offer its shares at a range of $11-$13. At the mid-point of the revised range, TeleNav will raise -21% fewer proceeds than previously anticipated. TeleNav, which was founded in 1999 and booked $141 million in sales last year, plans to list on the NASDAQ under the symbol TNAV. J.P. Morgan, Deutsche Bank Securities, and Robert W. Baird & Co. are the lead underwriters on the deal, which is expected to price today before the market open.
