Copyright International Business Times
Corporate travel and expense management firm Navan Inc. (NASDAQ: NAVN) burst onto the public markets this week, raising about $923 million in its long-awaited U.S. IPO, despite posting a near $100 million H1 2025 loss. Shares were priced at $25 each, valuing the company at roughly $6.2 billion — a sharp reset from its $9.2 billion private valuation in 2022. The listing, among the year's biggest tech offerings, arrives amid a fragile IPO climate complicated by a U.S. government shutdown that has stalled many new listings. As Barron's put it, Navan offers "a glimmer of joy" for bankers desperate for signs of life in the tech pipeline. In its IPO filing, Navan reported 12-month revenue of $613 million, up 32 %, with gross bookings climbing 34 % to $7.6 billion, according to Reuters. But the company remains in the red, posting a net loss of $99.9 million on $329.4 million in first-half revenue through July 31. The tempered valuation underscores a broader shift in investor sentiment: growth remains attractive, but profits are the new priority. "Investors are rewarding efficiency over expansion," analysts told CNBC, noting that Navan's IPO could test the waters for other enterprise-software hopefuls waiting on the sidelines. Still, optimism lingers. Navan's ability to expand its customer base and integrate AI-powered tools into corporate travel spending gives it a potential edge in a crowded market. Key Figures: IPO Size: $923 million IPO Price: $25 per share Valuation: ~$6.2 billion Revenue (12 mo): $613 million (+32 %) Gross Bookings: $7.6 billion (+34 %) Net Loss (H1 2025): $99.9 million
