Corporate travel software provider Navan IPO priced at $24-26 per share, aiming to raise $923 million
Corporate travel software provider Navan announced its initial public offering (IPO) pricing at $24-26 per share, aiming to raise $923 million. Navan will issue 36.9 million shares, of which 19% are secondary offering shares, with a market capitalization of $6.9 billion based on the midpoint. The company was founded in 2015, focusing on corporate travel and expense management, and currently has over 10,000 active customers, with projected revenue of $613 million by 2025. It plans to list on NASDAQ under the ticker symbol "NAVN"
According to Zhitong Finance APP, Navan (NAVN.US), a provider focused on corporate travel and expense management software, announced the specific terms of its initial public offering (IPO) on the US stock market last Friday. The company, headquartered in Palo Alto, California, plans to raise $923 million by issuing 36.9 million shares (of which 19% are secondary offering shares), with an offering price range set at $24 to $26. Based on the midpoint of this range, Navan's market capitalization will reach $6.9 billion.
The company was formerly known as TripActions, and its core business is providing a corporate travel and expense management platform. Its core proprietary system includes three major modules: the Navan Cloud platform, which integrates and provides global travel inventory; the Navan Cognition AI framework, which supports booking and expense processing; and the virtual agent Ava, which handles routine customer interactions. As of January 31, 2025, the company has over 10,000 active clients.
Founded in 2015, Navan achieved revenue of $613 million for the 12 months ending July 31, 2025. The company plans to list on the NASDAQ stock exchange under the ticker symbol "NAVN." The joint bookrunners for this IPO include Goldman Sachs, Citigroup, Jefferies, Mizuho Securities, Morgan Stanley, BNP Paribas, Citizens Bank JMP Securities, Oppenheimer & Co., Mitsubishi UFJ Securities (USA), Needham & Co., and BTIG
