Navan Moves Toward IPO With Confidential SEC Filing
Navan, a business travel tech company, said Friday it has filed with the U.S. Securities and Exchange Commission for a proposed IPO – but it was a "confidential" submission and no financial details were publicly available.
'The number of shares to be offered and the price range for the proposed offering have not yet been determined,' the company said.
The company was last valued at $9.2 billion during its series G venture capital raise in October 2022, a time when many private valuations were considered inflated.
The IPO market has been unusually slow, but analysts believe that several offerings in recents weeks signal that the market is heating up.
Navan is a corporate travel agency with a tech platform where employees at client companies can complete bookings and manage expenses. Clients include Lyft, Wayfair, Toast, Thomson Reuters, Zoom, Shopify, and more.
Navan CEO Ariel Cohen in May 2024 said the company was "not far" from an IPO, though he noted the timing could be affected by market conditions and geopolitical factors outside the company's control.
The company has hired two execs with IPO experience over the past year.
Amy Butte joined Navan as chief financial officer last June, and was previously CFO at the New York Stock Exchange during its IPO. Rich Liu, an early chief revenue officer for Navan, returned to the company as CEO of Navan Travel. Liu previously helped two companies go public.
Cohen and CTO Ilan Twig founded Navan in 2015. The company now has more than 3,000 employees and more than 10,000 clients, according to its website.
The company has raised well over $1 billion in venture capital.
Business travel tech platforms have been gaining traction as companies have been looking to streamline various operations post-pandemic. TravelPerk has raised over $700 million, most recently $200 million in January. Expense management platform Ramp has raised over $2 billion, with reports that it's seeking more funding at a valuation of $16 billion. Several others have been raising money to target their respective geographic regions.
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