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]
Navan sets price range for IPO, expects market cap of up to $6.5 billion