Navan Plans to Take Travel Management Platform Public

Business travel and expense management platform Navan is preparing to go public.

The company filed its registration statement for an initial public offering with the Securities and Exchange Commission Friday (Sept. 19), sharing its plans to list on the Nasdaq.

The statement showed the travel and expense (T&E) company had 12-month revenue of $613 million, a 32% increase, from more than 10,000 customers, and gross bookings of $7.6 billion, a 34% increase.

“We built Navan for the road warriors, for CEOs and CFOs who understand travel’s critical importance to their strategy, the finance teams who demand precision and control, the executive assistants juggling itineraries, and the program admins ensuring seamless events,” the company wrote in the filing. “Navan is an end-to-end, AI-powered software platform built to simplify the global business T&E experience, benefiting users, customers and suppliers. From day one, we leveraged technology to reimagine business travel.”

The IPO market has seen a resurgence this year, with deal activity increasing 56% across 156 deals, CNBC reported Friday. Proceeds are up 23% year over year to $30 billion.

In all, it’s been the best year for IPOs since 2021, although still below the COVID offering boom years, when public listings raised more than $78 billion in 2020 and $142 billion in 2021, the report said.

This year’s high-profile IPOs include Coreweave, along with buy now, pay later provider Klarna, design firm Figma, crypto companies Bullish, Gemini and Circle, and Amazon reseller Pattern, which went public the same day Navan filed.

Navan co-founder and Chief Technology Officer Ilan Twig told PYMNTS in July about Navan Cognition, the company’s agentic artificial intelligence platform, and its Ava solution.

Smarter AI travel assistants will increasingly be important to ensuring customer satisfaction, especially as business travel revives. However, Twig said the company’s Navan Cognition tool will work for use cases beyond travel.

“We’ve built things like automatic scheduled personal mailing lists, allowing the user to request daily reports on any given subject,” Twig said. “This mailing list is ‘conversational,’ which means the user can not only read the news but also can natively continue the conversation over any part of the content that interests them.”