Business travel software company Navan (NAVN.US) IPO prices at $24-26 per share, aiming to raise $960 million.

The business travel and expense management software manufacturer Navan plans to raise up to $960 million through its first initial public offering (IPO) in the United States. In a filing submitted to the U.S. Securities and Exchange Commission (SEC) on Friday, Navan stated that it intends to issue shares at a price range of $24 to $26 per share. The offering includes 30 million newly issued shares by the company, as well as 6.9 million shares sold by the founding team and other shareholders including CEO Ariel Cohen and CTO Ilan Twig. The company plans to list on the Nasdaq under the ticker symbol "NAVN". Despite the ongoing government shutdown in the United States, Navan is proceeding with its listing plans. The filing paves the way for Navan to begin trading at least 20 days from now, unless the government shutdown ends earlier, allowing the company to resubmit filings and expedite the process. The SEC issued new guidance on Thursday, making it easier for companies to go public even with limited IPO-related regulatory functions at the regulatory agency. Formerly known as TripActions, Navan provides a platform for business travel and expense management. Its core proprietary systems include Navan Cloud for aggregating and providing global travel inventory; Navan Cognition, an AI framework supporting booking and expense processing; and the virtual agent Ava for handling daily customer interactions. As of January 31, 2025, the company had over 10,000 active customers. Additionally, according to the submitted filing, in the six months ending on July 31, Navan generated revenue of $329.4 million and a net loss of $99 million; compared to revenue of $253.7 million and a net loss of $92.5 million in the same period the previous year.