At Road, Global Positioning System Service, Pulls $105 Mln IPO
--From AOL.-- Cooters
Washington, June 27 (Bloomberg) -- At Road Inc., which uses global positioning system technology to help companies keep track of their vehicle fleets, withdrew its plans for a $105 million initial stock offering.
``In light of current market conditions, the company has determined not to proceed with the public offering,'' At Road said in a filing yesterday with the Securities and Exchange Commission.
The company, based in Fremont, California, filed its IPO application with the SEC in March. By withdrawing the filing, At Road joins more than 70 other companies that have canceled plans to go public since March 10 when the technology-heavy Nasdaq Composite Index began plunging, falling about 25 percent.
An additional 46 companies have scaled back their plans for IPOs, compared to 29 last year, according to Commscan LLP, a market researcher.
Global positioning systems use satellites to triangulate a point on the globe within a few feet. The military uses the technology in modern aircraft, cruise missiles and smart bombs. It's also used by local emergency services and fire departments to track ambulances, cut response times, and avoid collisions.
The technology's consumer applications have become more prevalent with the growing popularity of hand-held wireless devices. The system also helps motorists, particularly those driving rental cars in unfamiliar territory.
SignalSoft Corp., based in Boulder, Colorado, offers a similar service that lets wireless-phone users get customized news and data tailored to their locations. SignalSoft is planning a $64.5 million IPO later this year.
At Road also faces competition from Qualcomm Inc.'s OmniTracs system, which manages long-distance trucking fleets. Other competitors include TruePosition Inc., which was bought by AT&T Corp.'s Liberty Media Group.
Headed by Chief Executive and President Krish Panu, At Road markets the FleetASAP line of trackers. The trackers give companies greater control over trucks and vans when they are making deliveries.
At Road planned to trade on the Nasdaq Stock Market under the ticker ``ARDI.'' Credit Suisse First Boston, Chase H&Q, U.S. Bancorp Piper Jaffray were to underwrite the stock sale.
Jun/27/2000 17:24 ET |
