PALO ALTO/NEW YORK — Corporate travel and expense management firm Navan announced on Friday that it is aiming for a valuation of up to $6.45 billion in its upcoming U.S. initial public offering (IPO), a figure that falls short of the $9.2 billion valuation it achieved during a 2022 funding round. Despite the ongoing U.S. government shutdown, the company is moving forward with its listing plans.
Headquartered in Palo Alto, California, Navan intends to raise approximately $960 million through the sale of 36.92 million shares, priced between $24 and $26 each. The company’s stock is slated to debut on the Nasdaq under the ticker symbol “NAVN.”
This IPO comes at a time when U.S. public offerings are experiencing a resurgence, buoyed by reduced market volatility and improving investor confidence following a stretch of uncertainty surrounding trade policies. The successful market entries of Alliance Laundry and Phoenix Education Partners on Thursday highlighted a renewed willingness among investors to embrace risk.
However, the U.S. government shutdown poses a potential obstacle to this recovery. The Securities and Exchange Commission (SEC), operating with a reduced workforce, has suspended IPO reviews and other regulatory processes, which could delay new listings.
“The IPO is launching during a period of elevated equity market volatility and notable underperformance among several IPOs from earlier this year,” noted Josef Schuster, CEO of IPO research firm IPOX. “While overall sentiment toward IPOs remains upbeat, these conditions are likely to dampen demand in the near term,” he added. “Issuers may need to adapt by offering more favorable terms to attract investors in this evolving market landscape.”
Navan, formerly known as TripActions, was founded in 2015 by Ariel Cohen and Ilan Twig. Initially focused on modernizing corporate travel services traditionally dominated by firms like American Express and SAP Concur, the company has since broadened its scope to include corporate payments and expense management.
Today, Navan serves a global clientele, with major customers such as Zoom Communications and Lyft, according to its official website.
