Navan, the business travel and expense management platform, will make its much-anticipated debut on the public markets with its shares priced at $25 per share.
Through its initial public offering (IPO), the company has raised approximately $920 through the sale of 30 million Class A Common Stock, netting $750 million, with the remainder made up of existing stockholders selling 6.9 million shares
to reach the total figure. Navan will not receive any of the proceeds from the
sale of the shares of its stockholders.
In September, the California-based company filed an S-1 registration document
detailing its plans to list on the Nasdaq under the symbol “NAVN.”
The move followed the company’s filing of a registration
document with the U.S.
Securities and Exchange Commission in June for its proposed IPO but keeping financial details under wraps.
Navan was widely rumored to be considering an IPO three
years ago before its rebrand from TripActions to Navan but CEO Ariel Cohen
later said that the timing was not right.
The company has raised more than $660 million in funding
since launch and announced a credit facility of $400 million through Goldman
Sachs in late 2022. Navan has also acquired several companies in the business
travel management space India-based Tripeur, Atlanta Events & Corporate Travel
Consultants, Sweden-based travel management company Resia, Berlin-based Comtravo and Reed & Mackay.