The Associated Press June 28, 2010, 12:26PM ET

AutoNavi expected to raise $76 million in IPO

China-based AutoNavi Holdings Ltd., a digital map and navigation provider, is expected to raise about $76 million, after expenses, in an initial public offering this week.

The company hopes to sell about 7.5 million American depositary shares, each representing 4 class A ordinary shares, to initial investors for $10.50 to $12.50 each, according to a Securities and Exchange Commission filing. Selling shareholders will sell another 1.125 million shares. Underwriters can buy 1.3 million additional shares to cover excess demand.

AutoNavi has a digital map database that covers about 1.7 million miles of roadway in China and 3-D models of 16 cities for public sector projects.

The Beijing-based company said it will use the proceeds of the offering to expand its data processing facilities, build a research and development center and other general corporate purposes.

AutoNavi posted revenue of $57.2 million in 2009, nearly double the revenue it had in 2007. Net income rose nearly 90 percent in the same period to $10.8 million.

AutoNavi's stock is expected to trade on the Nasdaq Global Market under the symbol "AMAP." The offering is being managed by Goldman Sachs.

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