Navan, an Israeli-founded travel and fintech firm incorporated in the US, has filed for an IPO on Nasdaq after nearly collapsing during the pandemic in 2020.
The company helps businesses manage travel and expenses and plans to use the IPO to reduce its US$657 million debt.
Revenue for 2024 grew 33% to US$537 million, and the company processed US$3.8 billion in payments over the past year.
Navan reported US$329 million in revenue for H1 2025, up 30% year-on-year, but net losses widened to US$100 million due to interest expenses.
The company is targeting a valuation between US$5 billion and US$7 billion, below its previous US$9 billion fundraising mark.
Major shareholders include Andreessen Horowitz, Lightspeed, and Oren Zeev. Goldman Sachs, Citi, Jefferies, and Morgan Stanley are underwriting the IPO.
Navan serves over 10,000 clients and employs 3,400 staff in 16 countries.
Source: https://www.techinasia.com/
