Corporate travel software provider Navan (NAVN.US) has an IPO price of $24-26 per share and plans to raise US$923 million

Zhitong Finance App learned that Navan (NAVN.US), a provider focusing on corporate travel and expense management software, announced the specific terms of its US initial public offering (IPO) last Friday. The Palo Alto, California-based company plans to raise US$923 million by issuing 36.9 million shares (of which 19% are secondary sales), with an issue price range of 24 to 26 US dollars. Based on the median value in this range, Navan's market capitalization would reach $6.9 billion.

Formerly known as TripActions, the company's core business is providing a corporate travel and expense management platform. Its core proprietary system includes three modules: Navan Cloud (Navan Cloud), which integrates and provides global travel inventory; Navan Cognition (Navan Cognition), an artificial intelligence framework that supports booking and expense processing; and Ava, a virtual agent responsible for handling routine customer interactions. As of January 31, 2025, the company had more than 10,000 active customers.

Navan was founded in 2015, and in the 12 months ending July 31, 2025, the company's revenue reached US$613 million. According to reports, the company plans to be listed on the NASDAQ stock exchange, with the stock code “NAVN.” The joint bookkeepers of this IPO include Goldman Sachs, Citi, Jefferies, Mizuho Securities, Morgan Stanley, BNP Paribas, Citizens Bank JMP Securities, Oppenheimer, Mitsubishi UFJ Securities (US), Needham & Co., and BTIG.