Navan Inc-A美股招股说明书(2025-10-31版)

Prior to this offering, there has been no public market for our Class A common stock. The initial public offering price per share of our Class A common stock is$25.00. Our Class A common stock has been approved for listing on the Nasdaq Global Select Market, or Nasdaq, under the symbol “NAVN.” Following this offering, we will have two classes of authorized common stock, Class A common stock and Class B common stock. The rights of the holders ofClass A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Each share of Class A common stock is entitledto one vote per share. Each share of Class B common stock is entitled to30votes per share and is convertible into one share of Class A common stock. Immediatelyfollowing the completion of this offering, and assuming no exercise of the underwriters’ option to purchase additional shares, Ariel Cohen, our co-founder, ChiefExecutive Officer, and chairperson of our board of directors will hold or have the ability to control approximately24%of the voting power of our outstanding capitalstock, and Ilan Twig, our co-founder, Chief Technology Officer, and a member of our board of directors will hold or have the ability to control approximately43%of thevoting power of our outstanding capital stock, which voting power may increase over time upon the exercise or settlement and exchange of equity awards held by ourco-founders pursuant to their equity exchange rights, as described further under the sections titled “Prospectus Summary—The Offering” and “Principal and SellingStockholders.” As a result, our co-founders, together, may have significant influence over the outcome of matters submitted to our stockholders for approval, includingthe election of our directors and the approval of any change of control transaction. We are an “emerging growth company” as defined under the federal securities laws, and as such, we have elected to comply with certain reduced reportingrequirements for this prospectus and may elect to do so in future filings. See “Risk Factors” beginning on page25to read about factors you should consider before buying shares of our Class A commonstock. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities orpassed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. Per ShareTotalInitial public offering price..................................................................................................................................................................................$25.00$923,110,150Underwriting discount(1)......................................................................................................................................................................................$1.30345$48,129,117Proceeds, before expenses, to us....................................................................................................................................................................$23.69655$710,896,500Proceeds, before expenses, to the selling stockholders...............................................................................................................................$23.69655$164,084,533 The underwriters have the option for a period of 30 days to purchase up to an additional5,538,660shares of Class A common stock from us at theinitial public offering price less underwriting discount. The underwriters expect to deliver the shares of Class A common stock against payment in New York, New York onOctober 31, 2025. Goldman Sachs & Co.LLC Table of Contents GLOSSARY OF TERMS...............................................................................................................................iiiLETTER FROM OUR CO-FOUNDERS.....................................................................................................viPROSPECTUS SUMMARY.........................................................................................................................1RISK FACTORS.............................................................................................................................................25SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS...............................................80INDUSTRY AND MARKET DATA...............................................................................................................82USE OF PROCEEDS....................................................................................................................................83DIVIDEND POLICY........................................................................................................................................84CAPITALIZATION..........................................................................................................................................85DILUTION..................................