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.
The firm plans to raise $960 million by offering 36.92 million shares priced between $24 and $26 apiece.
U.S. IPO activity has picked up in recent months following a lull caused by market volatility and trade policy uncertainty. Strong investor demand for new listings suggests a renewed appetite for risk.
Founded in 2015 as TripActions by Ariel Cohen and Ilan Twig, Navan initially focused on corporate travel management, aiming to modernize services traditionally provided by companies such as American Express and SAP Concur.
Goldman Sachs, Citigroup, Jefferies, Mizuho and Morgan Stanley are among the underwriters for the offering.
Navan plans to list its shares on the Nasdaq under the symbol “NAVN”.
