Navan sets price range for IPO, expects market cap up to $6.5 billion
FILE PHOTO: Ariel Cohen during a panel at the DLD Munich Conference 2020, Europe’s major innovation conference, Alte Kongsshalle, Munich.
Image Association for DLD | Hubert Burda Media | access point
Enterprise travel and expense software developer Navan expects its market value to rise to as much as $6.5 billion in its IPO, according to an updated statement regulatory filing on Friday.
The company said it plans to sell for between $24 and $26 per share. The valuation in that range would be about $3 billion less than the company is valued at by private investors in 2022. 300 million dollars funding round.
CoreWeave, Apartment And figma It led to a resurgence in tech IPOs in 2025 after a nearly three-year drought. Navan filed its original prospectus on Sept. 19, which included plans to trade on Nasdaq under the symbol “NAVN.”
Last week, the U.S. government entered a shutdown that significantly reduced operations within institutions, including the SEC. In August, the agency said its electronic filing system, EDGAR, “operates under a contract and therefore will remain fully functional as long as funding can be provided to the contractor through permissible means.”
Cerebras, which makes artificial intelligence chips, withdrew its IPO registration just days after the shutdown began.
Navan CEO Ariel Cohen and technology chief Ilan Twig founded the company in 2015 under the name TripActions. The company, headquartered in Palo Alto, California, had approximately 3,400 employees as of the end of July.
In the July quarter, Navan recorded a net loss of $38.6 million on revenue of $172 million, up nearly 29% year on year. Competitors include: expense, Seer And of SAP. Expensify shares closed at $1.64 on Friday, down from its 2021 IPO price of $27.
Navan was ranked No. 39 on CNBC’s 2025 Disruptor 50 list, after also appearing in 2024.
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