Navan has filed a registration statement with the United States Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO), 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 filed confidential paperwork in 2022 for an IPO—when the company still was called TripActions. The following year, CEO Ariel Cohen told BTN that, while the timing was not then right for an IPO, the company would "eventually be public."
Last year, Navan announced its new chief financial officer, Amy Butte, who has experience taking multiple companies public.
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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."
The company raised $304 million in late 2022 following a $207 million round in late 2021 and $155 million earlier that same year.
Navan has also made a string of acquisitions, including United Kingdom-based Reed & Mackay in 2021 and Comtravo, Resia and Atlanta Events and Corporate Travel Consultants in 2022.
In 2023, it acquired Tripeur, an India-based travel and expense management company.
A version of his article was originally published on PhocusWire sister title BTN.