Corporate travel and expense management firm, Navan, has announced plans to raise about $960 million in its U.S. initial public offering (IPO), targeting a valuation of up to $6.45 billion—well below its $9.2 billion valuation in a 2022 funding round. The Palo Alto-based company will offer 36.92 million shares priced between $24 and $26 each, with trading expected to begin on the Nasdaq under the ticker symbol “NAVN.”
The planned listing comes at a time of renewed optimism in the U.S. IPO market, buoyed by easing volatility and improved investor confidence. Recent successful debuts by Alliance Laundry and Phoenix Education Partners have signaled a rebound in risk appetite. However, analysts warn that the ongoing U.S. government shutdown could disrupt the recovery, as the Securities and Exchange Commission (SEC) operates with limited staff, delaying regulatory approvals for IPOs.
According to Josef Schuster, CEO of IPO research firm IPOX, the current market environment remains fragile despite growing optimism. He noted that issuers like Navan may need to adopt flexible pricing strategies to attract investors amid equity market fluctuations and lingering economic uncertainty.
Founded in 2015 as TripActions by Ariel Cohen and Ilan Twig, Navan began as a corporate travel management platform before expanding into expense and payment solutions for global clients, including Zoom Communications and Lyft. The company’s IPO is being underwritten by Goldman Sachs, Citigroup, Jefferies, Mizuho, and Morgan Stanley.