Navan, which provides software for corporate travel and expense management, raised $923 million by offering 36.9 million shares (19% secondary) at $25, the midpoint of the range of $24 to $26. At pricing, Navan commands 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 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 acted as joint bookrunners on the deal.
