Group 1 - Navan plans to raise up to $960 million through an IPO in the U.S., with a proposed share price range of $24 to $26 [1] - The IPO will consist of 30 million newly issued shares and 6.9 million shares sold by existing shareholders, including CEO Ariel Cohen and CTO Ilan Twig [1] - The company intends to list on NASDAQ under the ticker symbol "NAVN" [1] Group 2 - Navan, formerly known as TripActions, offers a business travel and expense management platform with proprietary systems like Navan Cloud and Navan Cognition [2] - As of January 31, 2025, Navan has over 10,000 active customers [2] - For the six months ending July 31, the company reported revenue of $329.4 million and a net loss of $99.9 million, compared to $253.7 million in revenue and a net loss of $92.5 million in the same period the previous year [2]

Core Insights - Navan, formerly known as TripActions, has filed updated IPO documents with the U.S. Securities and Exchange Commission (SEC) despite the ongoing federal government shutdown [1][2] - The company is utilizing new SEC rules that allow companies to file updated information during the shutdown, enabling them to receive automatic approval within 20 days without staff scrutiny [2][3] - The IPO market was expected to be negatively impacted by the shutdown, but Navan's actions will be closely monitored by the tech industry [3] Financial Details - Navan plans to sell 30 million shares, with an additional 7 million shares being sold by insiders, pricing the shares between $24 and $26 [4] - If priced at the high end, Navan could raise over $960 million and achieve a valuation of $6.45 billion [4] - The company reported rolling 12-month revenue of $613 million, reflecting a 32% increase, while incurring losses of $188 million [4] Backing and Support - Navan is backed by notable investors including Lightspeed, Andreessen Horowitz, Zeev Ventures, and Greenoaks [4]

Company Overview - Navan, a developer of corporate travel and expense software, expects a market cap of up to $6.5 billion in its IPO, with shares anticipated to sell at $24 to $26 each, which is approximately $3 billion less than its 2022 private valuation [1] - The company was founded in 2015 under the name TripActions and is based in Palo Alto, California, employing around 3,400 people as of the end of July [3] Financial Performance - For the July quarter, Navan reported a net loss of $38.6 million on revenue of $172 million, reflecting a year-over-year revenue increase of about 29% [3] Market Context - Navan's IPO filing comes amid a resurgence in tech IPOs in 2025, following a three-year drought, with notable companies like CoreWeave, Circle, and Figma leading this trend [2] - Competitors in the corporate travel and expense software space include Expensify, Oracle, and SAP [3] - As of the last market close, Expensify's stock was trading at $1.64, significantly down from its $27 IPO price in 2021 [3] Recognition - Navan ranked 39th on CNBC's 2025 Disruptor 50 list, indicating its growing influence and recognition in the industry [4]

Company Overview - Navan, originally founded as TripActions in 2015, focuses on corporate travel management and has expanded into corporate payments and expense management, serving global clients like Zoom Communications and Lyft [6] IPO Details - Navan is targeting a valuation of up to $6.45 billion in its U.S. initial public offering (IPO), which is lower than its $9.2 billion valuation in a 2022 funding round [1][5] - The company plans to raise approximately $960 million by offering 36.92 million shares priced between $24 and $26 each, with shares expected to trade on Nasdaq under the ticker symbol "NAVN" [2] Market Context - The IPO is occurring amid a rebound in U.S. IPO activity, driven by easing market volatility and renewed investor sentiment following strong market debuts of other companies [3] - However, the ongoing U.S. government shutdown poses risks to the IPO process, as the Securities and Exchange Commission is operating with limited staff, which may delay IPO reviews and regulatory approvals [4] Investor Sentiment - Despite positive overall IPO sentiment, experts suggest that the government shutdown may negatively impact future IPO demand, indicating that issuers may need to adjust their offering terms to align with the changing market environment [5]

Group 1 - Navan, a corporate travel and expense company, is aiming to raise up to $960 million in its initial public offering (IPO) in the United States [1]

As filed with the Securities and Exchange Commission on October 10, 2025. Registration No. 333-290396 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 NAVAN, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 7372 47-3424780 (I.R.S. Employer Identification Number) 30 ...

As filed with the Securities and Exchange Commission on September 19, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 NAVAN, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Approximate date of commencement of proposed sale to the public: As soon as practicable af ...