Navan, which provides software for corporate travel and expense management, announced terms for its IPO on Friday.
The Palo Alto, CA-based company plans to raise $923 million by offering 36.9 million shares (19% secondary) at a price range of $24 to $26. At the midpoint of the proposed range, Navan would command a market cap of $6.9 billion.
Formerly known as TripActions, the company provides a platform for business travel and expense management. Its core proprietary systems include Navan Cloud, which aggregates and delivers global travel inventory; Navan Cognition, an AI framework that supports booking and expense processing; and Ava, a virtual agent that handles routine customer interactions. As of January 31, 2025, the company had over 10,000 active customers.
Navan was founded in 2015 and booked $613 million in revenue for the 12 months ended July 31, 2025. It plans to list on the Nasdaq under the symbol NAVN. Goldman Sachs, Citi, Jefferies, Mizuho Securities, Morgan Stanley, BNP Paribas, Citizens JMP, Oppenheimer & Co., MUFG Securities America, Needham & Co., and BTIG are the joint bookrunners on the deal.
