TeleNav (TNAV) (NASDAQ:TNAV) develops location based services (LBS), including voice navigation, for mobile phones. The company has worked with AT&T and Sprint Nextel to provide the service to over $14.5 million pay end users, which is less than 7% of the total wireless subscribers. 
The demand for this GPS-type service is increasing. The industry has been proliferated with GPS-enabled mobile phones and wireless networks. Research firm Gartner predicted by 2012, 96% of all mobile phone shipments will be GPS-enabled, 207 million mobile phones. Furthermore, wireless carriers are looking for ways to increase ARPU by providing additional services such as LBS to subscribers. In addition, Frost & Sullivan market research firm estimated 80% of all LBS revenue came from mobile applications. 
The company's initial public offering of stock filed on the NASDAQ exchange on 2 November 2009. The offer is priced in the range $11.00 - $13.00. The company plans to sell 7 million shares to raise $84 million. 
For the nine months ended 31 March 2010, ,the company reported $121.7 million in total revenue, up 59% from $76.6 million in total revenue for the nine months ended 31 March 2009. Furthermore, the company had $30.8 million in net income for the nine months ended 31 March 2010, up 59.6% from $19.3 million in net income for the nine months ended 31 March 2009.