Travel on: Navan, Inc. (NAVN Proposed), the travel company, revealed the terms for its $963 million IPO in an S-1/A filing late Friday afternoon (Oct. 10, 2025). Navan’s IPO will consist of 36.92 million shares – at a price range of $24.00 to $26.00 – to raise $963 million, if priced at the $25.00 mid-point of its range. This is a NASDAQ listing.
Navan’s deal is the first big IPO to set terms during the shutdown of the U.S. federal government, which wrapped up its first full week on Friday.
Goldman Sachs and Citigroup are leading the joint book-runners’ team. Jefferies, Mizuho and Morgan Stanley are also joint book-runners, according to the prospectus.
Of the 36.92 million shares in the IPO, Navan is offering 30 million shares – and it would raise about $750 million, if the deal is priced at $25.00, the mid-point of the price range in the prospectus.
Navan’s co-founders Ariel Cohen and Ilan Twig are offering another 6.9 million shares in the IPO. The company will not receive any proceeds from the sale of their shares. Cohen is the CEO of Navan. Twig is the CTO – the chief technology officer.
At pricing, Navan would have a market cap of about $6.21 billion – if the IPO is priced at the $25.00 mid-point of its range.
Navan, Inc. (NAVN Proposed), based in Palo Alto, California, makes software that streamlines business travel and expense management.
“Our app lets travelers manage their hotel reservations, travel arrangements and expenses – all in one spot,” the company said in the prospectus.
As of Jan. 31, 2025, Navan had more than 10,000 active customers. Crate & Barrel, DataDog, Heineken, Lyft, Shopify, Snowflake, Thomson Reuters and Zoom are among Navan’s customers, according to the company’s website.
Navan is not profitable: Navan reported a net loss of $188.5 million on revenues of $612.0 million for the 12 months that ended on July 31, 2025, according to financial statements in the prospectus.
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