UPDATE: AutoNavi Higher After IPO Priced At High End Of Views

Chinese digital-navigation company AutoNavi Holdings Ltd. (AMAP) gained 8% on its first day as a public company Thursday after pricing its IPO at the high end of its expected range.

AutoNavi ended the day at $13.50 on the Nasdaq, up a dollar from its initial public offering price of $12.50. A total of 8.6 million American Depository Shares were sold in the offering.

The U.S. market for IPOs has been feeble lately, with many companies reining in debuts by cutting the size or the price of offerings--or both--or shelving deals entirely. But there have been pockets of strength: Tesla Motors Inc.'s (TSLA) shares closed up 41% in its debut Tuesday--the second-best IPO gain of the year--after the electric-car maker's offering priced above expectations.

AutoNavi makes digital maps and navigational systems for cars and mobile phones, as well as mapping services for the government and private enterprise. It plans to use its IPO proceeds to expand data-processing facilities and build a research-and-development center.

The company has grown revenue in both of the last two years, with last year's profit nearly tripling.

Goldman Sachs Group Inc.'s (GS) Asian unit managed AutoNavi's offering.

-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com

(Lynn Cowan contributed to this article.)

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