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]
Travel tech firm Navan eyes $6.45 billion valuation in US IPO