Navan, Inc., a platform for business travel, payments, and expense management, has announced the pricing of its initial public offering of 36,924,406 shares of its Class A common stock at $25.00 per share. Of the total shares, 30,000,000 Class A common shares are being sold by Navan, with the remaining 6,924,406 shares offered by existing stockholders. Navan will not receive any proceeds from the sale of shares by the selling stockholders. The underwriters have also been granted a 30-day option to purchase up to an additional 5,538,660 shares of Class A common stock at the IPO price, less underwriting discounts and commissions.
The shares are anticipated to commence trading on the Nasdaq Global Select Market on October 30, 2025, under the ticker symbol “NAVN.” The offering is expected to finalize on October 31, 2025, subject to standard closing conditions.
Goldman Sachs & Co. LLC and Citigroup are serving as lead book-running managers for the offering. Jefferies, Mizuho, and Morgan Stanley are acting as joint bookrunners. Additional bookrunners include BNP Paribas, Citizens Capital Markets, Oppenheimer & Co., MUFG, Needham & Company, and BTIG. Loop Capital Markets, Academy Securities, and Rosenblatt are functioning as co-managers.
Navan operates an all-in-one platform designed to streamline business travel, payments, and expense management. The platform aims to simplify the process for frequent travelers, offering features from flight and hotel booking to automated expense reconciliation and 24/7 support. This integrated approach is intended to provide an intuitive experience for users and reliable tools for finance teams.
A registration statement for the shares in this offering was filed with the U.
S. Securities and Exchange Commission and became automatically effective on October 29, 2025, in accordance with Section 8(a) of the Securities Act of 1933, as amended. The offering is being made solely through a prospectus. Copies of the final prospectus, once available, can be obtained from Goldman Sachs & Co. LLC or Citigroup Global Markets Inc.
