Core Insights - Navan, a corporate travel and expense platform, experienced a 20% decline on its first day of trading on Nasdaq, resulting in a valuation of approximately $4.7 billion from its IPO price of $25 [1] - The company utilized a new SEC rule allowing public listings during a government shutdown, which enabled automatic approval for its IPO documents after 20 days of submission [2][3] - Navan's decision to proceed with the IPO was influenced by the prior review of its registration statements by SEC staff before the government shutdown [3] Company Background - Navan, formerly known as TripActions, had been preparing for its IPO for several years, initially filing confidential paperwork in 2022 and aiming for a $12 billion valuation in early 2023 [7] - The company was last valued at $9.2 billion after raising $154 million in a Series G round in October 2022 [7] - Major customers include Shopify, Zoom, Wayfair, OpenAI, and Thomson Reuters, with its AI-powered assistant, Ava, managing about 50% of customer interactions related to travel bookings [8] Financial Performance - Over the last 12 months, Navan generated revenue of $613 million, reflecting a 32% increase, while incurring losses of $188 million [9] - The company's largest venture capital backers prior to the IPO included Lightspeed (24.8% stake), Oren Zeev (18.6% stake), Andreessen Horowitz (12.6% stake), and Greenoaks (7.1%) [10]

Group 1 - Navan, a corporate travel and expense management platform, went public on Nasdaq at $25 per share, raising $923 million and achieving a valuation of $6.2 billion [1][4] - The IPO occurred during a government shutdown, which has caused other companies to delay their public listings [2] - Navan benefited from a new SEC exception allowing new listings to take effect without review after setting an IPO price range [3] Group 2 - The company's stock opened below its IPO price at $22 and closed at $20, reflecting investor concerns about profitability [4] - Navan's IPO valuation is lower than its peak valuation of $9.2 billion in 2022, continuing the trend of down round IPOs this year [4] Group 3 - Navan, previously known as TripActions, faced significant challenges since its founding, including a revenue drop to nearly zero during the COVID-19 pandemic [5][6] - The company managed to recover and filed for an IPO in 2023, after a two-year wait for investors [6] Group 4 - Major investors in Navan include Lightspeed Venture Partners, Zeev Ventures, Andreessen Horowitz, and Greenoaks Capital, with significant stakes post-IPO [11][13][19][24] - Lightspeed owns about 20% of Navan, with a stake valued at approximately $1 billion at the $20 share price [12] - Zeev Ventures holds about 15% of the company, with a remaining stake worth around $747 million [16] - Andreessen Horowitz owns about 10% of Navan, valued at approximately $508 million at the current share price [20] - Greenoaks Capital has a stake of about 5.8%, worth around $286 million [25] Group 5 - Co-founders Ilan Twig and Ariel Cohen hold significant shares, with Twig owning about 5.1% and Cohen about 3.7% of the company [29][35] - Both co-founders sold shares during the IPO, netting substantial amounts, while retaining significant stakes valued at $255 million and $185 million, respectively, at the current share price [30][36] Group 6 - Other notable shareholders include Premji Invest, Group 11, and H. Barton Asset Management, with stakes valued at $171 million, $122 million, and $60 million, respectively, at the current share price [43][49][53]

Company Overview - Navan, a startup focused on business travel, payments, and expense management, has filed to go public on the Nasdaq Global Select Market under the symbol "NAVN" [1] - The company reported trailing 12-month revenue of $613 million, reflecting a 32% increase, and gross bookings of $7.6 billion, which is a 34% increase [1] Financial Performance - Navan's revenue growth is supported by a customer base of over 10,000 [1] - The IPO market has seen a resurgence, with deal activity up 56% this year, indicating a favorable environment for Navan's public offering [3] Market Context - The IPO market has raised $30 billion this year, up over 23% year over year, marking the best year for IPOs since 2021, although still below the peaks of the Covid offering boom [3] - Other notable companies in the IPO space include AI firms and highly valued startups like Klarna and Figma, suggesting a competitive landscape for Navan [4] Investor Sentiment - Increased investor appetite is expected to drive more startups to pursue public offerings, with the Renaissance IPO ETF up 20% this year [5] - Navan aims to disrupt the business travel sector, which has been characterized by outdated tools and fragmented workflows [5] Underwriters - Goldman Sachs and Citigroup are acting as lead book-running managers for Navan's proposed offering [2]