Navan Files for Nasdaq IPO, Reports Revenue Surge by 32%
Navan, a business travel and expense management company, has officially filed its registration statement for an initial public offering (IPO). The company will list on the Nasdaq Global Select Market under the ticker "NAVN".
Navan’s IPO filing with the US Securities and Exchange Commission (SEC) revealed strong financial growth, reporting revenue of $613 million over the past 12 months, a 32 percent increase from the previous year.
Gross bookings surged 34 percent, reaching $7.6 billion, and the company served over 10,000 clients. The filing also noted a 45 percent decline in net loss year over year, indicating progress toward profitability.
The company's valuation could exceed $8 billion, following its $9.2 billion valuation from a $300 million Series G funding round in 2022.
Goldman Sachs and Citigroup, American multinational investment banks, are managing the offering.
Positioned amid competitors such as Ramp, Brex, SAP Concur, and American Express Global Business Travel, Navan aims to capture growing demand by providing an all-in-one solution for payments, travel, and expense control.
With listing preparations expected to continue through late 2025, Navan’s IPO is expected to attract strong investor interest.
Just a few days ago, StubHub Holdings Inc. went public on the NYSE under the ticker "STUB." The company priced its IPO at $23.50 per share, targeting to raise approximately $800 million.
Despite the early surge and the stock peaking at nearly 8 percent, the shares faced selling pressure and market fluctuations throughout the day, ultimately declining to a close of roughly $22.17, below the IPO price by 6.4 percent.
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