Newswire

Navteq sets terms for $875 mln IPO

WASHINGTON, June 29 (Reuters) - Navteq Corp., a Chicago-based affiliate of Philips Electronics of the Netherlands, filed with the U.S. Securities and Exchange Commission on Tuesday to sell up to $875 million in common shares for between $20.50 and $22.50 a share in an initial public offering of stock.

All of the shares are being sold by Philips' Philips Consumer Electronics and NavPart IBV, which own 83.5 percent and 9.8 percent of the company respectively. Navteq will not receive any proceeds from the offering.

The lead underwriters are Credit Suisse First Boston and Merrill Lynch & Co.

The company, which provides electronic maps for automobile navigation systems, has applied for a New York Stock Exchange listing under the symbol "NVT" .