Overview
- Navan priced its offering at $25 per share and began trading on Nasdaq under the ticker NAVN after selling about 36.9 million shares.
- The deal raised roughly $923 million, including around 30 million new Class A shares, with about 6.9 million shares sold by existing holders from which Navan receives no proceeds.
- The IPO implied a valuation near $6.2 billion, below the $9.2 billion private valuation the company reached in 2022.
- The company was the first to list using an SEC shutdown auto-effectiveness mechanism, which allows later regulatory scrutiny of its disclosures.
- Navan highlights AI-driven travel and expense tools, reporting $613 million in trailing 12‑month revenue and continued net losses in its S-1.