Travel tech firm Navan eyes $6.45 billion valuation in US IPO

(Reuters) -Corporate travel and expense company Navan said on Friday it is targeting a valuation of up to $6.45 billion in its U.S. initial public offering. The Palo Alto, California-based firm plans to raise $960 million by offering 36.92 million shares priced between $24 and $26 apiece. Navan plans to list its shares on the Nasdaq under the symbol "NAVN". U.S. IPO activity has rebounded in recent months amid easing trade policy uncertainty and reduced market volatility, reflecting improved investor confidence. The strong debuts of Alliance Laundry and Phoenix Education Partners on Thursday underscore a renewed appetite for risk. However, a U.S. government shutdown threatens to stall the recovery, with the Securities and Exchange Commission suspending IPO reviews as it operates with limited staff. Reuters reported in May that Navan's IPO could value the company at over $8 billion. The firm was valued at $9.2 billion in 2022 after raising $300 million in a Series G funding round. 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. Over the years, Navan has expanded into corporate payments and expense management, and spread its tentacles across the world. Its clients include Zoom Communications and Lyft, according to its website. Goldman Sachs, Citigroup, Jefferies, Mizuho and Morgan Stanley are among the underwriters for the offering. (Reporting by Prakhar Srivastava in Bengaluru; Editing by Alan Barona)

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