In a decisive move signaling a resurgence for tech public offerings, corporate travel disruptor Navan has publicly set its IPO price range, targeting a market valuation of up to $6.5 billion. The company, formerly known as TripActions, disclosed the anticipated share price of $24 to $26 in a recent amendment to its filing with the U.S. Securities and Exchange Commission. This pivotal step solidifies Navan’s path to the public markets, marking a significant milestone for the all-in-one travel, corporate card, and expense management platform.

This public market valuation, however, presents a nuanced narrative. The projected $6.5 billion cap sits notably below the company’s last private valuation of $9.2 billion, which was established during a substantial $300 million funding round in 2022.

This valuation adjustment reflects the broader market’s recalibration of high-growth tech companies amid shifting economic conditions, demonstrating a more measured approach from public investors compared to the exuberance of the recent private funding environment. The offering represents a critical test for the tech IPO market, which has seen limited activity.

Navan has formally applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “NAVN.” The underwriting syndicate for the offering is led by financial heavyweights Goldman Sachs and Citigroup, with support from a cohort of other major investment banks including Jefferies, Morgan Stanley, and Mizuho. The industry will be watching closely to see if Navan’s streamlined approach to business travel resonates with public market investors seeking profitable growth in the post-pandemic era.