Corporate travel and expense company Navan said on Friday it is targeting a valuation of up to $6.45 billion in its U.S. initial public offering, below the level it reached in a 2022 funding round, as it pushes ahead with listing plans despite the U.S. government shutdown.
The Palo Alto, California-based firm plans to raise about $960 million by offering 36.92 million shares priced between $24 and $26 apiece. Its shares are expected to begin trading on the Nasdaq under the “NAVN” ticker symbol.