NEW YORK-@Road Inc., a Fremont, Calif.-based provider of vehicle location information, messaging and dispatch services, went public Sept. 28 with an offering of 7 million shares of stock priced at $9 each.
Credit Suisse First Boston was lead underwriter for the sale, which raised $63 million. In the preliminary registration the company filed in late March with the Securities and Exchange Commission, @Road said it hoped to raise about $105 million through the initial public offering. At that time, the company did not disclose the number of anticipated shares to be sold.
In mid-July, the final SEC registration document @Road filed indicated a plan for an offering of 7 million shares, priced between $9 and $11.
Using the global positioning system, the company transmits data by wireless networks to a service center.
The GPS information then is available to its customers over the Internet.
@Road Systems are installed in about 7,000 vehicles, mostly in the United States, including those used by trucking, distribution, courier and school bus companies.
