Navan Announces Launch of Initial Public Offering Roadshow

PALO ALTO, Calif.--(BUSINESS WIRE)--Navan, Inc., an all-in-one business travel, payments, and expense management platform, today announced the launch of the roadshow for its proposed initial public offering of 36,924,406 shares of its Class A common stock. The offering consists of 30,000,000 shares of Class A common stock being offered by Navan and 6,924,406 shares of Class A common stock being offered by existing stockholders (the “Selling Stockholders”). Navan will not receive any proceeds from the sale of shares by the Selling Stockholders. In connection with the proposed offering, Navan expects to grant the underwriters a 30-day option to purchase up to an additional 5,538,660 shares of its Class A common stock to cover over-allotments. The initial public offering price is currently expected to be between $24.00 and $26.00 per share. Navan has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol “NAVN.”

Goldman Sachs & Co. LLC and Citigroup are acting as lead book-running managers for the proposed offering. Jefferies, Mizuho, and Morgan Stanley are acting as joint bookrunners. BNP Paribas, Citizens Capital Markets, Oppenheimer & Co., MUFG, Needham & Company, and BTIG are also acting as bookrunners. Loop Capital Markets, Academy Securities, and Rosenblatt are acting as co-managers.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at [phone], or by email at [e-mail] or from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at [e-mail].

A registration statement on Form S-1 related to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Navan

Navan is an all-in-one business travel, payments, and expense management platform that makes travel easy for frequent travelers. From finding flights and hotels, to automating expense reconciliation, with 24/7 support along the way, Navan delivers an intuitive experience travelers love and finance teams rely on.