Navan to debut on Nasdaq after raising $923 million in US IPO
Navan is set to make its Nasdaq debut later on Thursday, after the travel technology company raised $923 million in its listing and successfully navigated a U.S. government shutdown to go public, News.Az reports, citing Reuters.
Momentum in the U.S. IPO market, which had picked up in the second half of the year following a years-long slowdown, temporarily stalled at the start of October when the U.S. markets regulator furloughed staff and paused the review of filings.
The Securities and Exchange Commission later eased restrictions, allowing companies to proceed with listings during the shutdown, prompting firms such as Navan to capitalize on a record run in the equity markets and a renewal in investor risk appetite.
"The IPO market has been a bit wobbly over the past month or so; we've definitely lost some momentum since the start of the quarter," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
"Some of that is due to the shutdown, global trade tensions, and the hotter AI IPOs cooling off. Still, recent IPOs have mostly held up."
Navan and some of its existing investors together sold 36.92 million shares after pricing the offering at $25 each, the mid-point of its marketed range of between $24 and $26 per share.
The IPO values Navan at roughly $6.2 billion, based on the shares outstanding in its prospectus, according to Reuters calculations.
That is below the $9.2 billion valuation it reached in a late-stage funding round in 2022.
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