The American Company Management of Travel and Corporate Expenditure Navan has initiated subscribers for an IPO (IPO) in New York which could enhance it at more than $ 8 billion, according to people close to the file.
Navan called on a group of investment banks to work on an IPO which could take place from the fourth quarter of this year, Goldman Sachs being the main subscriber, said these people, while specifying that the plans could change according to market conditions.
These people asked to remain anonymous because these projects are confidential. Navan did not respond to a request for comments, and Goldman Sachs refused to comment.
The IPOs have slowed heavily in April, companies such as Stubhub and Chime having postponed their IPO due to the volatility of the markets caused by the aggressive tariff policy of US President Donald Trump.
According to Dealogic, the total amount of IPOs in the world amounted to $ 6.86 billion in April, against 14.25 billion dollars in the same month last year.
The launch of the Navan’s IPO is the latest sign that the frost caused by pricing uncertainty could start to absorb.
Aspen Insurance, supported by Apollo, is expected to be listed this week, while the retail trading platform Etoro, which had previously postponed its IPO, should now go on the stock market next week.
Founded in 2015 under the name of Tripactions, Navan began as a business travel management platform aimed at rationalizing the services offered by traditional actors such as American Express and SAP Competa.
Based in Palo Alto, California, the company then developed in the field of payments and management of business expenditure, offering tools that connect credit cards to a centralized platform and automatize the declaration of expenses.
According to her website, she is among her clients Zoom Communications Inc and Lyft Inc.
Navan is supported by Andreessen Horowitz, Cotue, Goldman Sachs and Lightspeed, among other investors. It raised 304 million dollars in equity and in borrowing funding structured in 2022 and was estimated at $ 9.2 billion at the time, according to the company. (Report of Echo Wang, additional report by Milana Vinn in New York. Published by Dawn Kopecki and Nick Zieminski)
