Navan (No. 9 on Travel Weekly's Power List) has taken another step towards its long-anticipated initial public offering (IPO).
The business travel expense and payments management platform filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) Friday detailing plans to list on the Nasdaq under the ticker symbol "NAVN."
The filing indicates Navan had revenue of $613 million for the 12 months ending July 31 across more than 10,000 customers and gross bookings of $7.6 billion.
The news comes after Navan filed a registration statement with the SEC for its proposed IPO in June while keeping its financial details under wraps through a confidential submission.
The newly filed form relates to the proposed IPO of Navan's Class A common stock. Navan said it has not yet been determined the number of shares that will be offered, nor the price range at which that offering might occur.
"We started with a simple idea: Make life easier for everyone in the network, especially the frequent business traveler. Bring business travel into the 21st century," Navan co-founders Ariel Cohen, CEO, and Ilan Twig, CTO, said in a letter within the form.
Cohen and Twig said that Navan has been engineered from the ground up with artificial intelligence (AI) at its core.
"Being all in on generative Al has paid off," the duo said in the letter. "We now deliver trip options so personalized that the average booking time is seven minutes, compared to the industry average of 45. Our Al-enabled support agent acts as a personal concierge, helping travelers make changes on the fly, collect receipts, and call hotels to notify them of late check-ins or ensure payment methods are on file."
Navan said in the filing that following the offering it will have two classes of authorized common stock including Class A and Class B. The only difference will be voting and conversion rights.
A number of firms are involved in the proposed IPO: Goldman Sachs and Citigroup are set to lead as book-running managers while Jeffries, Mzuho and Morgan Stanley are set to hold roles as joint bookrunners. BNP Paribas, Oppenheimer & Co., Citizens Capital Markets, Needham & Company, MUFG and BTIG will also serve as bookrunners. Meanwhile, Academy Securities, Rosenblatt and Loop Capital Markets are set to act as co-managers.
In 2022, Navan (then named TripActions) reportedly filed confidential paperwork for an IPO but in 2023, Cohen said the timing wasn't working out but said the company would "eventually be public."
Source: PhocusWire