I-P-Go! Shares of Navan, a travel-tech agency based mostly in Silicon Valley, hit the exchanges on Thursday. The corporate priced its preliminary public providing at $25 per share, elevating roughly $923 million.
The $25 per-share value is throughout the $24–$26 vary the corporate zeroed-in on final week, when it additionally introduced it will promote practically 37 million shares of frequent inventory. The IPO places Navan’s valuation at round $9.2 billion.
Navan shares will commerce on the Nasdaq below the ticker “NAVN.”
Based in 2015, the corporate payments itself as “an all-in-one enterprise journey, funds, and expense administration platform that makes journey straightforward for frequent vacationers,” serving to clients discover flights and accommodations, automating expensing, and delivering “an intuitive expertise vacationers love and finance groups depend on.” In different phrases, the corporate makes use of AI expertise to simplify company and enterprise journey, aimed toward “reshaping an trade that has not modified in 30 years,” per its SEC filings.
Navan is trying to fly as post-pandemic journey rebounds in a giant manner. Knowledge from the World Enterprise Journey Affiliation exhibits that worldwide enterprise journey spending was anticipated to succeed in a document $1.57 trillion by the tip of 2025, though that estimate could also be blunted by the federal government shutdown and different elements.
Notably, Navan is probably essentially the most high-profile IPO over the previous month, for the reason that federal authorities shut down. The SEC’s submitting course of has been considerably stalled because the regulator has furloughed 90% of its employees. That put a damper on the general IPO market, which had rebounded this 12 months: Through the third quarter of 2025, EY reviews that 65 IPOs raised $15.7 billion, a giant improve from the 40 IPOs that raised $8.6 billion throughout Q3 2024.
All informed, there have been 176 IPOs year-to-date totaling greater than $30 billion, a 20% improve over 2024.
SEC Chairman Paul Atkins, in a press release on X, famous that MapLight Therapeutics, a comparatively small biotech agency, went public earlier this week, and that it was proof that the federal government’s regulatory equipment was nonetheless working.
“With yesterday’s itemizing of MapLight, the IPO market remains to be open for enterprise—firms are going public throughout the federal government shutdown utilizing the strategy Congress initially supposed,” he wrote.
