Corporate travel and expense management platform Navan (NAVN.US) has priced its initial public offering (IPO) at $25 per share, within the previously announced range of $24 to $26. The offering raised approximately $923.1 million, reinforcing the strong momentum in the IPO market.

Headquartered in Palo Alto, California, the company issued 30 million new shares, raising $750 million, while existing shareholders sold about 6.9 million shares to complete the remaining fundraising. Post-IPO, Navan's potential valuation stands at $6.21 billion.

In 2022, Navan secured $300 million in a Series G funding round, valuing the company at $9.2 billion. Despite temporary delays in some IPOs due to the U.S. government shutdown, analysts and corporate executives acknowledge the market's recovery, anticipating significant activity in upcoming quarters.

Founded in 2015 by Ariel Cohen and Ilan Twig under the name TripActions, Navan initially focused on corporate travel management, aiming to disrupt traditional services dominated by American Express (AXP.US) and SAP Concur. Earlier this year, travel demand dipped due to tariffs but has since rebounded. Major airline executives remain optimistic about fare increases in the latter half of the year.

Navan has expanded into corporate payments and expense management, serving global clients such as Zoom Communications (ZM.US) and Lyft (LYFT.US). The company will list on the Nasdaq Global Market under the ticker "NAVN" on Thursday.

Goldman Sachs, Citi, Jefferies, Mizuho, and Morgan Stanley are among the underwriters for the IPO.