Briefing.com Summary:

*Navan (NAVN) is preparing one of the year's highest-profile tech IPOs, offering 36.9 mln shares at $24-$26 each, targeting a valuation of up to $6.5 bln.
*The all-in-one business travel and spend management platform plans to raise nearly $1.0 bln in gross proceeds with strong interest from institutional investors despite the ongoing government shutdown.
*Backed by Andreessen Horowitz, Lightspeed Venture Partners, and Greenoaks, NAVN's IPO marks a return to the public markets for corporate travel tech amid rising AI integration and a rebound in business mobility.

NAVN IPO Takes Flight Amid AI-Powered Travel Revival

The IPO market is reopening its runway in late 2025 and NAVN is next to take off. The Palo Alto-based company's roadshow launched October 21 with plans to list on the Nasdaq under ticker "NAVN." The deal, led by Goldman SAchs and Citi, with Jefferies and Morgan Stanley as bookrunners, comes with a price range of $24-$26 per share, implying a market cap near $6.45 bln and potential proceeds of $960 mln.

That valuation represents roughly a 30-35 discount from NAVN's $9.2 bln private mark in 2022, but still ranks among the largest software listings of the year. The company will offer 30 mln new shares and 6.9 mln from existing shareholders, with a 15% greenshoe option available.

All-in-One Travel and Expense Platform

NAVN offers a consolidated travel booking, payments, and expense system for enterprises -- effectively, combining the functions of Concur, Expensify, and Amex GBT into one mobile-first platform. Founded in 2015 as TripActions by Ariel Cohen and Iian Twig, the company has become a staple among corporate clients seeking tighter spend control and employee mobility tools.

NAVN's AI-driven software automates expense filing and optimizes travel choices across airfare, lodging, and car rental categories -- a key edge as corporations seek to contain rising travel budgets while restoring in-person meetings. The platform recently integrated OpenAI and ChapGPT APIs to power real-time recommendations and policy enforcement.

Strong Growth but Persistent Losses

NAVN's revenue rose 34% yr/yr to $537 mln in FY25 (ending January 31) and has grown 32% on a last-twelve-month basis to $613 mln. Usage-based revenue comprises roughly 90% of sales, while SaaS subscriptions account for the remaining 10%.

Gross bookings volume climbed 34% to $7.6 bln, with a take rate near 7% -- above industry norms

Despite that momentum, NAVN remains unprofitable, posting a net loss of $(38.6) mln for the quarter ending July 31, 2025 on revenue of $172 mln. Roughly $657 mln from IPO proceeds will go toward debt reduction, with $195 mln in convertible notes and $100 mln in short-term obligations, according to the filing.

Competing in a Crowded Travel-Fintech Arena

NAVN faces tough competition from SAP Concur, Expensify, and Ramp, each vying for enterprise wallet share in budget management. However, its AI integration, global reach (3,400 employees across 60+ countries), and payments infrastructure create a defensible niche that aligns with the fintech and travel tailwinds.

Briefing.com Analyst Insight

NAVN's IPO is both a test of market appetite for profitable growth and a barometer for AI-enabled enterprise software. Investors will weigh its rapid revenue growth vs. continued losses and a dual-class structure that cements founder control. At an implied 12x sales valuation, NAVN is priced at a premium to Expensify and Amex GBT, but inline with leading SaaS peers like Ramp. For those betting on AI as the next travel agent, NAVN offers a high upside entry into an industry where automation and spend control are reshaping how business travelers move, book, and pay. If executed smoothly, NAVN's IPO could market the next inflection point in the AI-driven resurgence of corporate travel software.

--Column originally published on October 27, 2025, by Dennis Hobein, Senior Analyst - Briefing.com