CHICAGO-Navigation information technology company Navteq Corp. filed for a $500 million initial public offering. The company sells digital map information for automotive navigation systems, mobile navigation devices and Internet-based mapping applications.
The company’s announcement follows IPOs from other wireless-related companies, including Internet browser company Opera Software and Chinese wireless content vendor Linktone Ltd. Indeed, fellow Chinese content provider Mtone Wireless Corp. recently filed for an IPO, according to reports.
Philips Consumer Electronics B.V. and NavPart I B.V. will offer the Navteq shares, the company said. Credit Suisse First Boston and Merrill Lynch, Pierce, Fenner & Smith Inc. will act as the underwriters.
