[U.S. IPO] Business Travel Platform Navan Files for IPO, Plans to Raise $960 Million

TradingKey - Business travel and expense management software provider Navan (formerly TripActions) has officially advanced its U.S. initial public offering (IPO) process.

According to documents filed with the U.S. Securities and Exchange Commission (SEC), the company plans to offer 30 million new shares in the price range of $24 to $26 per share, while allowing existing shareholders — including the CEO and CTO — to sell up to 6.9 million existing shares. The total offering could raise up to $960 million. Navan intends to list on the Nasdaq under the ticker symbol “NAVN”.

Despite the ongoing U.S. federal government shutdown, Navan is able to continue its IPO process thanks to new guidance issued by the SEC.

Navan’s core offering is an integrated business travel platform, featuring Navan Cloud, which aggregates global travel inventory; Navan Cognition, an AI-powered booking and expense processing framework; and Ava, a virtual agent that assists users with travel planning and expense reporting.

As of January 2025, the company served over 10,000 active customers. Financially, it generated $329.4 million in revenue for the six months ended July 31, a year-over-year increase of approximately 30%. However, its net loss widened to $99.9 million, reflecting continued high investment in growth and expansion.

Investors will closely watch Navan’s path to profitability and the sustainability of its growth following the IPO.