Navan Inc. raises ~US$923 million in IPO, values it at ~US$6.2 billion

Travel-tech company Navan Inc. priced its initial public offering at US$25 per share, raising about US$923.1 million including both new shares and existing-shareholder stake sales. The listing gives it a market valuation of approximately US$6.21 billion. The Palo Alto-based firm sells travel-and-expense management services to corporate clients and expands into payments and platform infrastructure. The success marks stronger investor appetite for back-office tech firms amid a rebound in IPO activity despite macro headwinds. It listed on the Nasdaq under ticker symbol NAVN.