Fenwick Represents Underwriters in Navan’s $923 Million Initial Public Offering

Fenwick represented the underwriters in Navan, Inc.’s (Nasdaq: “NAVN”) initial public offering. The company is an all-in-one business travel, payments, and expense management platform that makes travel easy for frequent travelers. The total offering size is $923 million, consisting of 30,000,000 shares of Class A common stock to be sold by Navan and 6,924,406 shares of Class A common stock to be sold by existing stockholders at an initial public offering price of $25.00 per share.

Goldman Sachs & Co. LLC and Citigroup are acting as lead book-running managers for the offering.

The offering closed on October 31, 2025. More information can be obtained from the news announcement.

The Fenwick transaction team included corporate partners Ran Ben-Tzur, Cindy Hess, Jen Hitchcock and Aman Singh and associates Lexi Smith, Warren Pugash and Ross Willmot.