After an extended and at times tumultuous journey marked by a comprehensive rebranding effort, multiple delays of its long-awaited initial public offering, and the unpredictable economic swings caused by the global pandemic, Navan’s earliest backers are finally witnessing the fruition of their patience. On Thursday, the company—now firmly established as a comprehensive corporate travel and expense management platform—made its debut on the Nasdaq, opening at a price of $25 per share. This value placed it neatly within the anticipated price range and allowed Navan to raise approximately $923 million, culminating in a market valuation of around $6.2 billion. This moment is particularly significant as Navan stands as the largest firm to venture into the public markets during the current government shutdown, a period in which uncertainty has prompted several other companies to defer their IPO ambitions. Among those who postponed were notable corporate entities like Unilever, which delayed the public spinoff of its Magnum Ice Cream division.
Navan, however, has strategically capitalized on a newly introduced exemption implemented by the U.S. Securities and Exchange Commission. This regulation was designed to allow IPO listings to proceed automatically, without direct SEC review, twenty days after a company declares its price range—a measure implemented to sustain financial activity during the suspension of ordinary operations. Navan’s decision to proceed under this rule has been viewed as both a calculated risk and a display of confidence. Nevertheless, the company’s shares faced immediate market pressure: the stock opened below its IPO price at $22 per share and experienced a steady decline over the course of the trading day, ultimately closing at $20 per share. Some investors expressed apprehension regarding the company’s ongoing lack of profitability, underscoring the challenges still ahead.
The valuation achieved through this IPO represents a notable reduction from Navan’s peak private valuation of $9.2 billion in 2022, reinforcing a broader market pattern of recent down-round offerings. Originally founded under the name TripActions, the company’s early trajectory was characterized by both rapid growth and significant setbacks. Navan’s earliest funding round took place in 2015, when Lightspeed Venture Partners, Group 11, Oren Zeev, Raaid Hossain, and Zeev Ventures collectively invested at a valuation of just $4.5 million. By the start of 2020, Navan had achieved annual revenues hovering around $100 million. Yet, as the COVID-19 pandemic brought global corporate travel to a near standstill, those revenues plummeted to virtually zero. Despite that drastic downturn, Navan managed to rebound quickly, leveraging renewed demand in the post-pandemic environment to regain momentum strong enough to file confidentially for a public listing in 2023 under its original name. However, with IPO markets seizing up shortly thereafter, investors were forced to wait another two years before realizing their long-anticipated return. Now, that long wait has culminated in tangible financial rewards.
Group 11’s founding partner, Dovi Frances, captured the spirit of this moment in reflecting on the outcome: he emphasized a deep sense of satisfaction in being able to return capital to those who had placed early trust in Navan. His firm’s original contribution, made through its first institutional fund, achieved a remarkable threefold return on the fund’s total size—a result that underscored the power of early insight and conviction in venture capital. Frances noted that this type of success can significantly elevate a venture investor’s reputation, marking them as a discerning judge of early winners. He added with clear optimism that, for him personally, raising capital for future ventures would no longer pose a challenge.
At the close of Thursday’s trading, when Navan’s stock settled at $20 per share, the post-listing value of its principal shareholders and board members could be more clearly assessed. Because the stock opened below its IPO price, analysts calculating share values excluded the additional allotment of shares—commonly referred to as the underwriters’ option—that might otherwise have been sold to stabilize demand. Based on this closing figure, Lightspeed Venture Partners commanded a stake of nearly 50 million shares, amounting to roughly 20% ownership. Their continuous support since Navan’s 2015 seed round, through every subsequent raise including the $300 million Series G in 2022, underscores Lightspeed’s long-term strategic belief in Navan’s model. The firm’s history of backing other technology standouts like Snap and Affirm, alongside current bets on artificial intelligence companies such as Anthropic and Glean, situates Navan within a lineage of high-growth tech enterprises. Partner Arif Janmohamed, who also serves on Navan’s board and controls approximately 5.3 million shares, ensured that Lightspeed retained its full holding through the IPO, which now carries an estimated value of $1 billion.
Zeev Ventures followed closely, holding about 37.3 million shares, or approximately 15% of Navan, after years of steadfast participation from the initial seed investment onward. Founder Oren Zeev, a seasoned early-stage investor and one of Navan’s longest supporters, had previously collaborated with Navan’s cofounders on their earlier startup, StreamOnce. His personal and institutional investments, augmented by holdings placed in a children’s trust managed by JPMorgan, reinforce the depth of his confidence in the company’s leadership. The remaining stake held by Zeev Ventures is now estimated to be worth nearly $747 million. Similarly, Andreessen Horowitz—one of Silicon Valley’s most influential venture firms—maintains roughly 10% ownership, translating to about 25.4 million shares with a market value of approximately $508 million. Greenoaks Capital, an investor recognized for steering technology companies toward maturity, holds almost 14.3 million shares valued at around $286 million.
Among Navan’s founders, cofounder and Chief Technology Officer Ilan Twig retains ownership of roughly 12.7 million shares, constituting about 5% of the firm’s equity. Twig’s guiding hand in product development and technological innovation has been instrumental since he and CEO Ariel Cohen launched the company in 2015, motivated by a desire to modernize cumbersome corporate travel systems. Despite selling one million shares at the IPO—yielding about $25 million at offering price—Twig’s remaining stake carries an estimated worth of $255 million. Cohen, who owns about 10.2 million shares, realized approximately $22.5 million from his sale during the IPO and continues to hold a stake valued near $185 million at the same closing price. Notably, both founders maintain enhanced voting rights through Class B shares, enabling them to preserve significant decision-making authority. In their joint reflections on the IPO, Cohen and Twig highlighted how artificial intelligence has been entrenched at Navan’s core architecture, facilitating travel options tailored uniquely to each user and dramatically accelerating the booking and rebooking process.
Premji Invest, which led the Series G funding round and has a history of successful venture exits including Anaplan, Zuora, and Coupa, owns roughly 3.4% of Navan with a stake valued around $171 million. Alongside them, other shareholders such as Einat Klopfer Cohen, Ariel Cohen’s former spouse, Group 11, H. Barton Asset Management, and members of Navan’s executive team and board also hold notable equity positions scaled by their early involvement and contributions. Each of these holders, while representing a fraction of Navan’s overall ownership, reflects the multifaceted network of investors whose patience and belief have sustained the company through years of market volatility.
From its humble origins as a small travel management startup to its emergence as a global fintech and travel technology contender with a multibillion-dollar valuation, Navan’s story encapsulates the resilience and adaptability required to remain viable through shifting macroeconomic and regulatory climates. While its shares encountered early turbulence, the company’s transition to public ownership marks the beginning of a new chapter—one defined by accountability to the markets, continued innovation, and the fulfillment of long-delayed aspirations for both founders and investors alike.
Sourse: https://www.businessinsider.com/here-are-the-big-vc-winners-from-navans-ipo-2025-10
