TomTom, the Dutch maker of navigation devices, listed on Friday in the Amsterdam stock exchange's biggest initial public offering for more than five years. However analysts fretted over future profits and revenues as competition in the sector increases.

The company placed 26.8m shares at €17.50 ($22) a share, near the top of its projected range of €14-€18.50, valuing the company at €469m. TomTom shares are set to begin trading on Euronext Amsterdam later on Friday.