Navan (NAVN), a road warriors’ travel and expense app, priced its IPO at $25.00 – the mid-point of its $24.00-to-$26.00 range. Navan’s IPO consisted of 36.9 million shares – the number in the prospectus – and it raised $963 million on Wednesday night, Oct. 29, 2025. Navan offered 30 million shares – for $750 million in IPO proceeds. Its selling shareholders – including Navan’s co-founders, CEO Ariel Cohen and Chief Technology Officer Ilan Twig – sold 6.92 million shares to raise $173 million (before expenses). At pricing, Navan had a market cap of $6.21 billion.
Navan (NAVN) sank in its NASDAQ debut today – Thursday, Oct. 30, 2025 – opening at $22.00 – down $3.00 – or off 12 percent from its IPO price. Volume was about 2.94 million shares. Navan’s stock closed at $20.00, ending down $5.00 – or off 20 percent – from its $25.00 IPO price on Thursday, Oct. 30, 2025. Volume for the day was about 17.7 million shares.
Goldman Sachs and Citigroup were the lead joint book-runners. Jefferies, Mizuho and Morgan Stanley were joint book-runners.
Navan’s AI-powered software platform was built “for the road warriors,” according to the prospectus. “Our app lets travelers manage their hotel reservations, travel arrangements and expenses – all in one spot.”
Navan intends to use the IPO proceeds to pay off some debt, according to the prospectus.
Navan’s debt is now estimated at about $657 million, including interest. At Jan. 31, 2025, Navan had about $617.94 million in debt and carrying costs – according to the prospectus.
Navan (NAVN) – based in Palo Alto, California – was founded in 2015 in Israel. When the pandemic hit in early 2020, Navan had to retool itself – expanding to include payments and other services.
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. The company has about 3,400 employees.
After the IPO, Navan’s co-founders will still control Navan through their ownership of the company’s Class B shares. Cohen’s stake will represent about 34.5 percent of the voting power of Navan’s Class B stock, while Twig’s stake will represent about 49 percent, the prospectus said.
Navan’s principal shareholders include some prominent VC names. Lightspeed Venture Partners will own 21.4 percent of the outstanding Class A stock after the IPO, while Zeev Ventures will own 16 percent and Andreessen Horowitz will own 10.9 percent, according to the prospectus.
Navan is not profitable: The company reported a net loss of $188.5 million on revenue of $612.0 million for the 12 months that ended on July 31, 2025, according to financial statements in the prospectus.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com website.)
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.
Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading.
The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and the rating is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.