Navan IPO Raises $923M Valuing Company at $6.2B, Investor Oren Zeev Gains $1B

Navan, a corporate travel and expense management platform formerly known as TripActions, recently went public on the Nasdaq, pricing its IPO at $25 per share and raising $923 million with a valuation over $6 billion. Investor Oren Zeev, who first backed the founders in 2013 with a small relationship investment and later became one of the largest shareholders, has seen his stake valued at approximately $1 billion, marking his largest-ever return. Despite the IPO debuting amid a government shutdown and concerns over Navan's profitability, the company staged a strong comeback after pandemic-related revenue declines. Navan's stock opened below its IPO price and traded down to $20 per share, reflecting broader market challenges and a valuation lower than its 2022 peak of $9.2 billion. Zeev operates as a solo venture capitalist with no staff or office, focusing on direct founder relationships and maintaining his entire stake on Navan's board post-IPO. The IPO represents a significant milestone for Navan and its investors, with expectations for more large exits in Zeev's expanding portfolio.