Overview
- Navan priced shares at $25 to raise about $923 million, selling nearly 37 million shares with 30 million newly issued and 6.9 million from existing holders under the ticker NAVN.
- The stock closed its first session at $20, roughly 20% below the offer price, putting the market value near $4.7 billion.
- Navan used a new mechanism that makes IPO filings automatically effective during the federal shutdown after 20 days, a process that could still face SEC review and amendments later.
- In its S-1, the company reported trailing 12-month revenue of $613 million, up 32%, alongside continued net losses and $7.6 billion in gross bookings.
- Executives said they pursued a listing because large enterprise customers prefer public vendors and because public shares can serve as currency for future expansion and acquisitions.