Navan roadshows to begin for US$960m IPO
Navan is set to begin roadshows for its up to US$960m Nasdaq IPO this week with a price range of US$24–$26 thanks to the SEC relaxing rules for companies pursuing listings while the US government shutdown continues.
Navan filed an amended registration statement late on October 10 outlining the sale of 36.9m shares, of which 30m are primary and the rest come from co-founders Ariel Cohen and Illan Twig, Navan’s CEO and CTO. There is also a 15% primary greenshoe.
Goldman Sachs, Citigroup, Jefferies, Mizuho Securities and Morgan Stanley are joint bookrunners on the offering.
The travel and expense software provider can list 20 days after the amended filing, which is October 30, and the roadshow is expected to begin this week, bankers said.
Navan, which provides corporates with travel and expense management software as a service, got its start in personalised corporate travel but has expanded vertically and internationally.
It is valued at US$7.1bn at the top end of the marketing range, or 13.8 times its revenues in the trailing 12 months and eight times forecast 2026 revenues.
That compares with Germany-listed peer SAP’s 7.9 times and 6.9 times. SAP owns Navan rival SAP Concur.
Navan is backed by Lightspeed Venture Partners, which has invested in the company since the Series A round in 2017, Andreessen Horowitz, Zeev Ventures and Greenoaks Capital. None of the VC backers are selling in the IPO.