Business travel software provider Navan (NAVN.US) sets IPO pricing at $24-26 per share, planning to raise $923 million.

Provider of enterprise travel and expense management software Navan (NAVN.US) announced the specific terms of its initial public offering (IPO) last Friday. The California-based company plans to raise $923 million by issuing 36.9 million shares of stock (19% of which are secondary offering shares) at a price range of $24 to $26. If calculated at the midpoint of this range, Navan's market value will reach $6.9 billion. Formerly known as TripActions, the company's core business is providing an enterprise travel and expense management platform. Its proprietary core system includes three modules: the Navan Cloud platform, which integrates and provides global travel inventory, the Navan Cognition AI framework that supports booking and expense processing, and the virtual agent Ava, which handles routine customer interactions. As of January 31, 2025, the company has over 10,000 active customers. Navan was founded in 2015, and in the 12 months ending July 31, 2025, the company's revenue reached $613 million. It is reported that the company plans to list on the Nasdaq Stock Exchange under the ticker symbol "NAVN". The joint bookrunners for this IPO include Goldman Sachs Group, Inc., Citi, Jefferies Financial Group Inc., Mizuho Securities, Morgan Stanley, BNP Paribas, Citizens Bank JMP Securities, Oppenheimer & Co., Mitsubishi UFJ Securities (USA), Needham & Co., and BTIG.