Navan, Inc. Class A Common Stock

NAVN

Market cap $4.28B

Navan is looking to automate and simplify the world of travel expense management. Revenues are growing at a 30% clip, with operating losses rapidly approaching break-even levels. Shares trade with somewhat surprising losses of 20% on the first day of trading, in a move that reduced valuation multiples but did not automatically offer appeal yet.

Three sizable IPOs and four SPACs debuted this week to wrap up October. Three IPOs submitted initial filings. Five sizable IPOs are scheduled for the week ahead, which all launched after the government shutdown began and are all pricing through the 20-day rule pursuant to Section 8(a) of the Securities Act of 1933.

PALO ALTO, Calif.--(BUSINESS WIRE)--Navan, Inc. (NASDAQ: NAVN), an all-in-one business travel, payments, and expense management platform, today announced the closing of its initial public offering of an aggregate of 36,924,406 shares of Class A common stock at a public offering price of $25.00 per share. The offering consisted of 30,000,000 shares of Class A common stock sold by Navan, and 6,924,406 shares of Class A common stock sold by existing stockholders (the “Selling Stockholders”). Navan.

CNBC's Becky Quick reports on the latest news.

Navan, the corporate travel and expense platform, finished its first day of trading on the Nasdaq on Thursday down 20% from its $25 IPO price, resulting in a valuation of approximately $4.7 billion for the 10-year-old company.

Navan just barrelled through a government shutdown to notch its long-awaited IPO. The travel and expense management company grabbed one of the biggest IPO raises of the year.

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.

Shares of Navan Inc. fell sharply on Thursday after the Palo Alto-based business travel and expense management software company made its public debut during the ongoing US government shutdown. The listing marks the largest initial public offering to proceed amid the regulatory disruption, which has slowed IPO activity across the market.

Ariel Cohen, Navan co-founder and CEO, joins 'Squawk Box' to discuss the company's IPO offering, how the company business operates, impact of AI, and more.

Navan is set to make its Nasdaq debut later on Thursday, after the travel technology company raised $923 million in its listing and successfully navigated a U.S. government shutdown to go public.