(Reuters) -Corporate travel and expense company Navan on Wednesday priced its initial public offering at $25 per share, within its marketed range of $24 to $26 per share, raising about $923.1 million and reinforcing a strong momentum for fresh flotations.
The Palo Alto, California-based firm sold 30 million shares to raise $750 million, while existing stockholders sold about 6.9 million shares to raise the remaining amount.
The offering gives the company a potential valuation of $6.21 billion, according to Reuters calculations.
In 2022, the company raised $300 million in a Series G funding round, achieving a valuation of $9.2 billion.
While the U.S. government shutdown has caused some short-term delays, analysts and executives have hailed the rebound of fresh issues and said that it sets the stage for a meaningful pickup in activity in the coming quarters.
Founded in 2015 as TripActions by Ariel Cohen and Ilan Twig, Navan initially focused on corporate travel management, aiming to modernize services traditionally provided by companies such as American Express and SAP Concur.
Travel demand has rebounded from a tariff-related downturn earlier this year, with major airline executives expressing optimism about the industry’s ability to increase fares later this year.
Over the years, Navan has expanded into corporate payments and expense management, serving global clients including Zoom Communications and Lyft, according to its website.
Navan will list its shares on the Nasdaq Global Market on Thursday under the ticker symbol NAVN.
Goldman Sachs, Citigroup, Jefferies, Mizuho and Morgan Stanley are among the underwriters for the offering.
(Reporting by Pritam Biswas and Disha Mishra in Bengaluru; Editing by Mrigank Dhaniwala)
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