Corporate travel and expense management company Navan successfully priced its initial public offering (IPO) at $25 per share on Wednesday, which raised a substantial $923.1 million, making it one of the largest technology listings in the U.S. this year. Based in Palo Alto, Navan was founded in Israel and originally operated under the name TripActions. For this IPO, the company sold 30 million new shares to generate $750 million, while existing shareholders contributed an additional 6.9 million shares. This pricing was well within the anticipated market range of $24 to $26, resulting in an implied valuation of $6.21 billion.
Back in 2022, Navan had raised $300 million during a Series G funding round, attaining a valuation of $9.2 billion at that time. The IPO is significant not only for Navan but also signals a renewed, albeit cautious, optimism among investors regarding growth-stage companies with viable business models and improving profit margins, especially after two years of subdued public offerings.
Navan’s shares are scheduled to start trading on Nasdaq under the ticker symbol NAVN, with major financial firms like Goldman Sachs, Citigroup, Jefferies, Mizuho, and Morgan Stanley acting as lead underwriters.
The company’s journey to this point is notable, particularly after it nearly faced collapse in 2020 due to the global pandemic that severely disrupted business travel. Originally known as TripActions, the founders Ariel Cohen and Ilan Twig diversified the company’s focus to beyond just travel booking, branching out into corporate payments, expense management, and entertainment reservations.
Navan’s recovery was both swift and costly; by 2022, it had gathered a total of $2.2 billion in equity and debt, including a notable $400 million financing round led by Goldman Sachs and involving several of its current IPO underwriters. A planned IPO was postponed that year due to market instability.
Now, the company boasts a workforce of 3,400 employees across 16 countries, servicing over 10,000 corporate clients, including major names like Unilever, Adobe, and Christie’s. Navan processes around $3.8 billion in payments annually and facilitates $7.6 billion in flight and hotel bookings, with more than 40% of its revenue coming from international markets.
Navan’s performance demonstrates impressive growth coupled with challenges. Revenue surged by 33% in 2024 to reach $537 million, and in the first half of 2025, it reported $329 million, marking a 30% year-on-year increase. While operating losses have decreased from $53 million to $28 million, net losses reached $100 million in the first half of this year, affected significantly by high interest expenses.
Overall, Navan’s successful IPO and growth trajectory, framed by its remarkable recovery from the pandemic’s impact, reflects a resilient spirit in the corporate travel and expense management arena.