(Reuters) -Navan reported a 30% revenue surge for the first half of fiscal 2026, the corporate travel management platform disclosed on Friday in its U.S. initial public offering filing, as tech firms take center stage in a long-awaited IPO market recovery.
With IPO activity set to slow down through the end of September after a fiery start to the fall season, corporate issuers are gearing up for potential roadshow launches in October.
Tech IPOs have led the recovery in first-time share sales following a tariff-driven slowdown that halted the new listings market in April.
Reuters reported in May that the IPO could value Navan at more than $8 billion. In 2022, the company raised $300 million in a Series G funding round, achieving a valuation of $9.2 billion.
Travel demand has rebounded from a tariff-related downturn earlier this year, with major airline executives expressing optimism about the industry’s ability to increase fares later this year.
Founded in 2015 as TripActions by Ariel Cohen and Ilan Twig, Navan initially focused on corporate travel management, aiming to modernize services traditionally provided by companies such as American Express and SAP Concur.
Over time, it expanded into corporate payments and expense management, broadening its global reach.
The Palo Alto, California-based company reported a net loss of $99.9 million on revenue of $329.4 million for the six months ended July 31, compared to a loss of $92.5 million on revenue of $253.7 million in the same period a year earlier.
Goldman Sachs, Citigroup, Jefferies, Mizuho and Morgan Stanley are among more than a dozen underwriters managing the offering.
Navan plans to list its shares on the Nasdaq under the symbol “NAVN”.
(Reporting by Arasu Kannagi Basil, Ateev Bhandari and Savyata Mishra in Bengaluru; Editing by Shreya Biswas and Mohammed Safi Shamsi)
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