Navan closes $923 million initial public offering on NASDAQ

Navan Inc. (NASDAQ: NAVN) completed its initial public offering, selling 36,924,406 shares of Class A common stock at $25.00 per share, according to a company statement. The business travel and expense management platform raised approximately $923 million from the offering.

The offering included 30 million shares sold by Navan and 6,924,406 shares sold by existing stockholders. Navan did not receive proceeds from the shares sold by existing stockholders. The company granted underwriters a 30-day option to purchase up to 5,538,660 additional shares at the offering price, minus underwriting fees.

Trading of Navan's Class A common stock began October 30 on the Nasdaq Global Select Market under the ticker symbol "NAVN." Goldman Sachs and Citigroup served as lead book-running managers for the offering.

Jefferies, Mizuho, and Morgan Stanley acted as joint bookrunners. Additional bookrunners included BNP Paribas, Citizens Capital Markets, Oppenheimer, MUFG, Needham & Company, and BTIG. Loop Capital Markets, Academy Securities, and Rosenblatt served as co-managers.

The Securities and Exchange Commission registration statement for the shares became automatically effective October 29 under Section 8(a) of the Securities Act of 1933. Navan operates as a business travel, payments, and expense management platform.

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