Corporate travel disruptor Navan soared into the public markets Thursday, raising a staggering $923 million in its much-anticipated initial public offering (IPO)—a bold move in a year marked by market caution and limited listings.
The company, known for reinventing how businesses handle travel and expense management, priced 36.9 million shares at $25 each, the midpoint of its expected range between $24 and $26 per share. According to Wednesday’s filing, 30 million shares were sold directly by Navan, while 6.9 million shares came from existing investors cashing in on the offering.
Navan officially began trading under the ticker symbol “NAVN” on the Nasdaq, and the offering is expected to close Friday.
A Tech Unicorn’s Leap from Private to Public
The Silicon Valley–based company is backed by venture capital titans including Lightspeed Ventures, Andreessen Horowitz, and Zev Ventures, and serves more than 10,000 active business users worldwide.
In its filing with the U.S. Securities and Exchange Commission, Navan described itself as an “all-in-one” corporate travel, payments, and expense platform, built to simplify and automate global business operations through artificial intelligence.
Its technology suite includes:
