Corporate travel and expense management company Navan priced its initial public offering at $25 per share on Wednesday, raising $923.1 million in one of the largest U.S. technology listings this year.
The Palo Alto-based company, originally founded in Israel as TripActions, sold 30 million new shares to raise $750 million, while existing shareholders sold an additional 6.9 million shares, according to the company’s filing. The final price sits comfortably within its marketed range of $24 to $26, giving Navan an implied valuation of $6.21 billion.
In 2022, the company raised $300 million in a Series G funding round, achieving a valuation of $9.2 billion.
The IPO marks an important step for both Navan and the broader market. After two subdued years for public listings, analysts say the deal underscores a renewed, though cautious, confidence among investors in growth-stage companies with tangible business models and improving margins.
Navan’s shares are set to begin trading on Nasdaq on Thursday under the ticker NAVN, with Goldman Sachs, Citigroup, Jefferies, Mizuho, and Morgan Stanley serving as lead underwriters.
Navan’s listing caps a remarkable turnaround for a company that nearly collapsed in 2020, when the pandemic grounded business travel worldwide. Then known as TripActions, the company reinvented itself under founders Ariel Cohen and Ilan Twig, expanding beyond travel booking into corporate payments, expense management, and entertainment reservations.
The company’s recovery was swift but costly. By 2022, Navan had raised $2.2 billion in equity and debt, including a $400 million financing led by Goldman Sachs, now one of its IPO underwriters, alongside Citi, Jefferies, and Morgan Stanley. That same year, a planned IPO was shelved amid volatile markets.
Today, Navan employs 3,400 people across 16 countries and serves more than 10,000 corporate clients, including Unilever, Adobe, and Christie’s. Its platform processes $3.8 billion in payments annually and facilitates $7.6 billion in flight and hotel bookings, with over 40% of revenue generated outside the U.S.
Navan’s numbers reflect both growth and constraint. Revenue climbed 33% in 2024 to $537 million, and by the first half of 2025, it reached $329 million, up 30% year-on-year. Losses have narrowed at the operating level, falling from $53 million to $28 million, but high interest expenses pushed net losses to $100 million in the first half of this year.
The company’s gross margins have improved from 60% to 68%, signaling progress toward profitability, though its $657 million debt load remains a heavy burden. A significant portion of the IPO proceeds is expected to reduce that debt, including $100 million in SAFE notes and $195 million in convertible bonds.
