Navan files prospectus for Nasdaq IPO

Israeli-US travel booking company Navan has filed a prospectus with the US Securities and Exchange Commission for an IPO on Nasdaq, which will probably take place in the coming weeks.

Navan had revenue of $329.4 million in the first half of 2025, up 30% from $253.7 million in the corresponding period of 2024. Annual revenue in 2025 is expected to reach at least $700 million.

However, the company’s net loss has widened over this period to $99.8 million in the first half of 2025 from $92.5 million in the first half of 2024, mainly due to a rise in R&D spending as well as marketing and sales. Navan has developed a business travel management platform for companies. By centrally managing corporate travel budgets, finance managers can prevent squandering funds while providing employees with a flight and hotel booking platform with a friendly interface, from which they can also book private family vacations.

This is the second Wall Street prospectus of a company with Israeli connections to be filed over the past 10 days. On Friday September 12, car finance company Lendbuzz filed its prospectus, while on the same day, Via Transportation (NYSE: VIA) completed its IPO. What probably encouraged the company’s underwriters ahead of the IPO were Navan’s annual results for2024 and 2023. In the fiscal year that ended at the end of January 2025, company revenue was $536.8 million, compared with $402.2 million in the year ending January 2024. Net loss was almost halved to $181 million. The company has an estimated $223.2 million in cash and a cumulative deficit of $1.7 billion.

CEO and chairman Ariel Cohen’s salary is $1.62 million, while CTO Ilan Twig’s salary is $1.45 million. The highest-paid employee is the company is its US president Michael Sindicich, with an annual salary of $2.11 million.

The prospectus does not detail the full brea down of shares in the company but mentions Lightspeed, Zeev Ventures, and Andreessen Horowitz as the biggest shareholders in the company. Zeev led the company’s first two rounds. Smaller shareholders in the company are the Premji Invest, which has the fourth-largest shareholding, Greenoaks and Dovi Frances’ Group 11.

Navan (initially called TripActions) was founded in Silicon Valley a decade ago by Israelis Cohen and Twig. The company is headquartered in Palo Alto, but has a development center with about 150 employees in the ToHa Tower in Tel Aviv, engaged in the development of several of the company’s key products. Worldwide, the company has nearly 3,000 employees. Navan’s most recent financing round was in 2022 at a valuation of $9.2 billion, according to PitchBook, but the company may have to settle for a lower valuation in its IPO. To date, the company has raised $2.16 billion.

Published by Globes, Israel business news – en.globes.co.il – on September 21, 2025.

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