Travel management company Navan will be valued at around $6.45 billion and plans to raise around $960 million from its initial public offering (IPO), according to an updated filing with the US Securities and Exchange Commission (SEC).
In its long-awaited IPO, Navan will offer investors 30 million shares of Class A common stock along with 6.9 million shares being sold by current shareholders, according to the filing update, which was published on Friday (10 October). Navan’s shares will be priced in the range of $24 to $26.
The IPO valuation marks a drop over the past few years. In October 2022, Navan - then still known as TripActions - reported a valuation of $9.2 billion following a $304 million funding round.
Navan's co-founders, CEO Ariel Cohen and chief technology officer Ilan Twig, will together hold or be able to control a majority of the voting power of outstanding capital stock - about 24 per cent for Cohen and 43 per cent for Twig – after the IPO.
"As a result, our co-founders, together, may have significant influence over the outcome of matters submitted to our stockholders for approval, including the election of our directors and the approval of any change of control transaction," according to Navan’s updated filing.
While the SEC has largely “gone dark” amid the current shutdown of the US government, the SEC allows filings through its electronic filing system EDGAR, which is operated via a contractor, according to CNBC.
Navan has been looking to go public for several years and has applied to be listed under the symbol NAVN on the Nasdaq Global Select Market. Navan, which also owns London-based TMC Reed & Mackay, was ranked as the fifth largest TMC in Europe this year.
As a comparison, rival TMC American Express Global Business Travel, which is listed on the New York Stock Exchange as Global Business Travel Group, has a total market capitalisation of around $4.1 billion.