Navan taking the IPO route to expand and achieve profitability

Following a strong first half, IPO momentum continues to build, led by heightened activity in the healthcare and technology sectors. The latest entrant is Navan, Inc. (NAVN), a unified platform for business travel and expense management.

To List on Nasdaq

Recently, Navan filed for an initial public offering, seeking to list on the Nasdaq under the symbol NAVN. Details of the offering, including the number of shares being offered and the offer price, have not yet been disclosed. The Palo Alto-headquartered travel management company said it intends to use proceeds from the offering for working capital and other general corporate purposes, including repayment of debt and acquisition of new technologies or businesses. The IPO will be managed by a group of bookrunners led by Goldman Sachs and Citigroup.

In its SEC filing, the company stated, “We have a strong history of technology innovation, and we believe there is ample opportunity for growth as we continue to invest in the development of our platform capabilities to serve current and future travelers and customers. Across our platform, we see a particularly strong opportunity to continue to scale our capabilities through the continued deployment of advanced technologies to streamline the overall booking experience for travelers and drive costs down for our customers, as well as evolve our customer-facing UI to further simplify and personalize their booking and support experience.”

Financials

For the six months ended July 2025, Navan reported revenues of $329.4 million, compared to $253.7 million in the first half of 2024. The company posted a net loss of $99.9 million or $2.15 per share, compared to a loss of $92.5 million or $2.05 per share in the prior-year period. Gross booking volume grew 34% YoY to $4.1 billion in the six months ended July 31, 2025, from $3.1 billion in the corresponding period of 2024.

Ariel Cohen, who co-founded Navan, has been serving as the CEO and a member of the board of directors since its inception in February 2015. Ilan Twig, the other co-founder, is serving as the chief technology officer. The company offers a digital platform that allows business travellers to book and manage their travel and expenses.