Navan Takes a Step Towards an IPO
Navan has hired underwriters for an IPO that could value the company at $8 billion.
The move toward an IPO, reported by Reuters, follows Navan officials discussing such a prospect several times over the last couple of years.
Goldman Sachs is the lead underwriter, according to the report, and an IPO, depending on market conditions, would take place in the fourth quarter at the earliest.
A year ago, Navan CEO Ariel Cohen said the company is "not far" from an IPO, though he noted the timing could be affected by market conditions and geopolitical factors outside the company's control.
In April 2024, Navan brought back former Chief Revenue Officer Rich Liu as CEO of Navan Travel and appointed former New York Stock Exchange CFO Amy Butte to its board, CNBC reported following an interview with Cohen in May 2024. Navan offers travel management, expense and payments services.
Both Liu and Butte have IPO experience.
Cohen, also a Navan co-founder, has been discussing IPO prospects for several years. In 2022, the company filed confidential IPO paperwork with the aim of going public at a $12 billion valuation.
Business Insider reported in the summer of 2023 that Navan would seek to go public in about a year, subject to market conditions.
Correction: The CNBC interview with Navan CEO Ariel Cohen took place in May 2024, not May 2025. The article has been updated to reflect that.
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