"I-P-Go! Shares of Navan, a travel-tech firm based in Silicon Valley, hit the exchanges on Thursday. The company priced its initial public offering at $25 per share, raising roughly $923 million. The $25 per-share price is within the $24-$26 range the company zeroed-in on last week, when it also announced it would sell nearly 37 million shares of common stock. The IPO puts Navan's valuation at around $9.2 billion."
"Founded in 2015, the company bills itself as "an all-in-one business travel, payments, and expense management platform that makes travel easy for frequent travelers," helping customers find flights and hotels, automating expensing, and delivering "an intuitive experience travelers love and finance teams rely on." In other words, the company utilizes AI technology to simplify corporate and business travel, aimed at "reshaping an industry that has not changed in 30 years," per its SEC filings."
"Navan is attempting to fly as post-pandemic travel rebounds in a big way. Data from the Global Business Travel Association shows that worldwide business travel spending was expected to reach a record $1.57 trillion by the end of 2025, although that estimate may be blunted by the government shutdown and other factors. Notably, Navan is perhaps the most high-profile IPO over the past month, since the federal government shut down."
Navan, a Silicon Valley travel-tech company founded in 2015, launched its IPO at $25 per share, raising roughly $923 million and valuing the firm around $9.2 billion. The offering included nearly 37 million shares and will trade on Nasdaq under ticker NAVN. Navan positions itself as an all-in-one business travel, payments, and expense management platform that uses AI to simplify corporate travel, automate expensing, and improve traveler and finance experiences. The company aims to capitalize on a rebound in business travel, projected to reach $1.57 trillion worldwide by 2025. The IPO occurred amid SEC staffing furloughs that have slowed the filing process.
Read at Fast Company
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