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.
Navan shares will trade on the Nasdaq under the ticker “NAVN.”
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. The SEC’s filing process has been significantly stalled as the regulator has furloughed 90% of its staff. That put a damper on the overall IPO market, which had rebounded this year: During the third quarter of 2025, EY reports that 65 IPOs raised $15.7 billion, a big increase from the 40 IPOs that raised $8.6 billion during Q3 2024.
All told, there have been 176 IPOs year-to-date totaling more than $30 billion, a 20% increase over 2024.
SEC Chairman Paul Atkins, in a statement on X, noted that MapLight Therapeutics, a relatively small biotech firm, went public earlier this week, and that it was proof that the government’s regulatory machinery was still working.
“With yesterday’s listing of MapLight, the IPO market is still open for business—companies are going public during the government shutdown using the method Congress originally intended,” he wrote.
