Navan has set a valuation of up to $6.45 billion and plans to raise about $960 million in its initial public offering, according to an updated filing with the U.S. Securities and Exchange Commission.
In its IPO, Navan will offer 30 million shares of Class A common stock along with 6.9 million shares sold by current stockholders, according to the filing update, published Friday. Shares will be priced in the range of $24 to $26.
The valuation marks a drop over the past few years. In October 2022, Navan—then still TripActions—reported a valuation of $9.2 billion following a $304 million funding round.
Navan's co-founders, CEO Ariel Cohen and chief technology officer Ilan Twig, together will hold or be able to control a majority of the voting power of outstanding capital stock—about 24 percent for Cohen and about 43 percent for Twig— after the IPO. "As a result, our co-founders, together, may have significant influence over the outcome of matters submitted to our stockholders for approval, including the election of our directors and the approval of any change of control transaction," according to the filing.
While the SEC largely has gone dark amid the current U.S. government shutdown, the SEC allows filings through its electronic filing system EDGAR, which is operated via a contractor, according to CNBC.