Navan's IPO raises $923 million, but valuation drops significantly
Navan, the travel-tech startup formerly known as TripActions, just raised about $923 million in its IPO on October 29, 2025.
Shares were priced at $25 each, giving Navan a public valuation of $6.21 billion—quite a drop from its $9.2 billion private valuation back in 2022.
Navan focuses on corporate travel and expense management
Navan builds tools to make corporate travel and expense management way less painful for businesses—think booking trips, handling payments, and tracking expenses—all in one place.
They're aiming to modernize what used to be managed by big names like American Express and SAP Concur.
IPO details and employee stock adjustments
The IPO was led by Goldman Sachs and Citigroup and is now trading on Nasdaq under "NAVN."
To keep employees motivated after the lower valuation, Navan adjusted stock grants from 2022 down from $20.73 to $16.26 per share—helping protect staff from those sky-high valuations during the funding boom of 2021-22.