Navan has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering, although it is keeping its financial details private with a confidential submission.
The filing, which Navan announced Friday, is a step toward a long-expected IPO for the travel, card and expense management company. It reportedly had filed confidential paperwork in 2022 for an IPO, when the company still was called TripActions, and CEO Ariel Cohen the next year told BTN that, while the timing was not then right for an IPO, the company would "eventually be public." Last year, Navan named as CFO Amy Butte, who has experience taking multiple companies public.
Navan said it has not determined the number of shares nor a price range for its proposed IPO, and an IPO would be subject to the SEC review process "as well as market and other conditions."