Travel booking company Navan, formerly TripActions, has completed its initial public offering (IPO) on Nasdaq, after pricing its shares at $25, within the range targeted in the prospectus.
Overall Navan raised $923 million, with $750 million injected into the company for investment and $173 million going to existing shareholders. The company achieved a valuation of $6.21 billion, “Reuters” reports.
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The flotation reflects a fall in valuation from Navan’s most recent financing round in 2022 at a company valuation of $9.2 billion. But Navan has successfully become part of an IPO revival on Wall Street after a bleak period in recent years.
Navan was founded in 2015 by Israeli entrepreneurs Ariel Cohen and Ilan Twig, and is now headquartered in Palo Alto, California, with a large development center in Israel. The company has developed a platform for managing travel, payments and expenses for employees and organizations, and has expanded beyond the business travel market in recent years. The company’s major Israeli investors include Oren Zeev, who led the seed round through Zeev Ventures and currently holds about 17%-18% of the shares, and Dovi Frances’ Group 11 fund, which has participated in most of the company’s funding rounds since its inception and holds about 2.5%.
Published by Globes, Israel business news – en.globes.co.il – on October 30, 2025.
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