Business travel software company Navan (NAVN.US) IPO priced at $25 per share will debut on Nasdaq tonight.

The enterprise travel and expense management platform Navan (NAVN.US) confirmed on Wednesday that its initial public offering (IPO) price will be $25 per share, within the original price range of $24 to $26. The offering is expected to raise approximately $923.1 million, further solidifying the strong momentum in the new stock issuance market. Headquartered in Palo Alto, California, the company is issuing 30 million new shares to raise $750 million; existing shareholders are selling approximately 6.9 million shares to raise the remaining funds. After this IPO, the company's potential valuation is estimated to reach $6.21 billion. In 2022, Navan raised $300 million in a Series G financing round, valuing the company at $9.2 billion at that time. Despite the partial government shutdown in the United States causing some short-term delays in new stock issuance, analysts and company executives alike have recognized the resurgence of the new stock issuance market and believe this sets the foundation for significant market activity in the coming quarters. Navan was founded in 2015 by Ariel Cohen and Ilan Twig, initially named TripActions, with its core business in enterprise travel management. It was established to revolutionize the traditional travel services model, which had previously been dominated by companies like American Express Company (AXP.US) and SAP Concur. Earlier this year, travel demand had declined due to tariffs, but it has gradually rebounded. Several executives from major airlines have expressed optimism about their ability to raise ticket prices in the second half of this year. According to information on the Navan official website, the company has expanded its business into the field of enterprise payment and expense management over the years, serving global clients including Zoom Communications (ZM.US) and Lyft (LYFT.US). Navan will be listed on the Nasdaq Global Market on Thursday under the ticker symbol NAVN. The underwriters for this IPO include institutions such as Goldman Sachs Group, Inc., Citi, Jefferies, Mizuho, and Morgan Stanley.