As the IPO market comes back to life, Navan (formerly TripActions) is targeting an April 2024 listing

• Navan, an online travel management startup, has been one of the most hotly anticipated tech IPOs.
• The company is now targeting a late April 2024 IPO, Insider has learned.
• “When we have news to share on this, we will,” said a Navan spokeswoman.

According to a person with direct knowledge of the matter who is not authorized to speak publicly, Navan, formerly known as TripActions, is now aiming for an IPO in late April 2024.

One of the most eagerly anticipated IPOs in recent years has been the online travel management startup. According to Insider, the company filed confidential paperwork to go public at a $12 billion valuation sometime this year.

According to the person, Navan CEO Ariel Cohen is now eyeing a late April 2024 IPO with the goal of further improving Navan’s gross margins and other important metrics to impress Wall Street.

“Our focus is on building the best travel and expense business in the market,” said Kelly Soderlund, a Navan spokeswoman. “When we have news to share on this, we will.”

According to Crunchbase, there have been 43 IPOs for venture-backed startups in the United States so far this year, compared to 399 in 2021.

However, the nearly two-year dormant IPO market has finally shown signs of life this month. According to Bloomberg, Instacart could go public on the NASDAQ as soon as next month.Softbank-owned chipmaker Arm filed for an IPO on Monday.

According to The Information, Navan has been working with Goldman Sachs on IPO preparations.

It is unclear at what cost Navan would go public. According to Pitchbook data, the company last raised at a $9.2 billion valuation in October 2022 in a round led by Group 11 with participation from Lightspeed Venture Partners, Coatue Management, Zeev Ventures, and Andreessen Horowitz.

According to data from Caplight, a private market exchange, some shares of the company have been trading at a significant discount on secondary markets, with recent sales valuing the company at just $5.7 billion. However, secondary sales are not usually indicative of the price at which a company will be listed.

Andreessen Horowitz first invested in TripActions in 2018, when it led the company’s $1.1 billion series C funding round, and general partner Ben Horowitz joined the board.

“It’s been remarkable that as consumer travel has completely transformed, business travel hasn’t changed at all, so having a real solution just made a lot of sense and I thought they could build a great company,” Horowitz told Insider last year.

According to Pitchbook, Navan has raised more than $2 billion in equity and debt financing since its inception in 2015.