October 30, 2009 / 8:42 PM / 10 years ago

UPDATE 1-Silicon Valley's TeleNav seeks $75 mln in IPO

NEW YORK, Oct 30 (Reuters) - TeleNav Inc, a Silicon Valley-based provider of voice-guided navigation services for mobile phones, filed plans with U.S. regulators on Friday to raise as much as $75 million in an initial public offering.

TeleNav, whose largest backer is venture capital firm Menlo Ventures, provides its services through carriers such as Sprint Nextel Corp (S.N) and AT&T Inc (T.N), according to its prospectus.

As of Sept. 30, 2009, TeleNav had more than 11 million paying end users, it said in the filing.

In the quarter ended Sept. 30, its sales rose 67.5 percent to $36 million over the year-earlier period.

The IPO is being managed by JP Morgan and Deutsche Bank Securities.

No estimated timing of the IPO was disclosed. (Reporting by Phil Wahba; Editing by Gary Hill)

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