Overview

• Goldman Sachs and Citigroup were named lead underwriters, joined by Jefferies, Mizuho, Morgan Stanley and a wider group of bookrunners and co-managers.
• Navan reported about $613 million in revenue over the past year with $7.6 billion in bookings and a customer base topping 10,000 companies.
• The company posted a net loss of roughly $181 million for the last fiscal year, and reported first‑half 2025 revenue of $329 million with a loss near $100 million.
• The filing outlines a dual‑class structure with Class A and Class B shares differing only in voting and conversion rights.
• Navan highlights AI tools including its Ava assistant and Navan Cognition, which handle a significant share of customer interactions and automate expense compliance.