Travel Tech Firm Navan Makes Nasdaq Debut On Thursday After $923M IPO

• Shares of Navan, formerly known as TripActions, will begin trading on the Nasdaq Global Select Market on Thursday.
• The company sold 30 million new shares, while existing shareholders sold 6.9 million, valuing it at $6.2 billion.
• The listing, which went through despite a U.S. government shutdown, comes amid a frothy period for public listings.

The shares of Navan, Inc., formerly known as TripActions, will start trading on the Nasdaq Global Select Market on Thursday under the symbol “NAVN.” 

Details & Valuation

The company priced its offering at $25 per share, within its marketed range of $24 to $26 per share, raising about $923.1 million in the IPO, according to a statement on Wednesday. 

Navan sold 30 million shares, while existing shareholders sold 6.9 million. According to Reuters, that gives the company a market valuation of $6.21 billion.

Goldman Sachs, Citigroup, Jefferies, Mizuho, and Morgan Stanley are among the underwriters for the offering.

Founded in 2015, Navan offers a tech platform for travel and expense management for businesses, with the majority of its customers based in the U.S. and Europe. Zoom, Canva, and Paysafe are some of its clients, according to the company’s website.

IPO Boom Continues

The development comes amid a frothy period for IPOs and a stock market hitting a record high, driven by AI-driven optimism and successive rate cuts by the U.S. central bank. Stocks of firms such as CoreWeave, Inc., and Circle Internet Group, Inc., among others, have risen sharply since their listing earlier this year. Meanwhile, travel uptake seems to be rebounding, signaled by Booking Holdings’ strong results.

Navan went ahead with the IPO despite the US government shutdown complicating its path to going public. The US SEC issued guidance making it easier for companies to list, while much of the regulator’s functions are on hold.

According to Navan’s IPO filing, the company booked a net loss of $99.9 million on revenue of $329.4 million for the six months ending July 31.

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