U.S. corporate travel and expense company Navan has hired underwriters for an initial public offering (IPO) in New York that could value it at more than $8 billion, according to people familiar with the matter.
Navan has tapped a group of investment banks to work on a stock market flotation that could come as early as the fourth quarter this year, with Goldman Sachs (GS.N) serving as the lead underwriter, the people said, cautioning that the plans could change depending on market conditions.
They asked not to be named because the plans are confidential. Navan did not respond to a request for comment, Goldman Sachs declined to comment.
Proceeds from IPOs globally totaled $6.86 billion in April, down from $14.25 billion during the same month last year, according to Dealogic.
The launch of Navan's IPO process is the latest sign that the freeze caused by the tariff uncertainty may be starting to thaw.
Apollo-backed Aspen Insurance is slated to list this week, while retail trading platform eToro — which previously delayed its offering — is now expected to go public next week.
Navan, founded in 2015 as TripActions, began as a corporate travel management platform aiming to streamline services offered by traditional players such as American Express, and SAP Concur.
The Palo Alto, California based company later expanded into corporate payments and expense management, offering tools that link credit cards to a centralized platform and automate expense reporting.
Its clients include Zoom Communications Inc (ZM.O) and Lyft Inc(LYFT.O), according to its website.
Navan is backed by Andreessen Horowitz, Coatue, Goldman Sachs, and Lightspeed, among other investors. It raised $304 million in equity and structured debt financing in 2022 and was valued at $9.2 billion at the time, according to the company.
