PALO ALTO — Corporate travel and expense management firm Navan (formerly TripActions) plans to raise around $960 million in its upcoming U.S. IPO, aiming for a valuation of $6.45 billion, according to a filing disclosed Friday.
The company intends to offer 36.92 million shares, priced between $24 and $26 each, and list on the Nasdaq under the ticker “NAVN”.
Founded in 2015 by Ariel Cohen and Ilan Twig, Navan emerged as a disruptor in business travel management. Over time, it has broadened into expense management and corporate payments, counting clients such as Zoom and Lyft.
Navan’s targeted valuation is notably lower than the $9.2 billion valuation it achieved in a 2022 funding round, reflecting both market conditions and investor expectations.
The IPO comes amid a resurgence in U.S. public offerings — fueled by easing volatility and renewed appetite for tech listings. However, uncertainty looms over the ongoing U.S. government shutdown, which has limited the Securities and Exchange Commission’s capacity to review IPO filings.
Navan has shown strong top-line dynamics in recent months. In filings earlier this year, the company disclosed 30% revenue growth year-over-year, though it remains unprofitable.
Major financial institutions including Goldman Sachs, Citigroup, Jefferies, Mizuho, and Morgan Stanley are underwriters for the offering.
While the IPO plans reflect confidence in demand, analysts warn that lingering volatility and weak performance from recent IPOs might temper investor enthusiasm.
If successful, the listing could be one of the standout tech offerings of the year — signaling that the broader IPO market is recovering and that enterprise-technology firms like Navan remain attractive despite macro headwinds.
