U.S. travel-tech firm Navan began trading on Nasdaq after raising $923 million in its IPO, one of the largest this year.

Shares opened 7% above the offer price, signaling investor confidence in the business-travel sector’s recovery.

Navan, formerly TripActions, provides digital travel and expense solutions for corporations.

The company priced shares at $25, giving it a valuation near $9 billion. Despite a cautious market for listings, Navan’s success highlights investors’ appetite for proven tech-enabled platforms. Analysts said the IPO could revive momentum for delayed tech offerings.

Navan plans to use the proceeds to expand AI-based automation tools and grow its European operations.

CEO Ariel Cohen said the focus is on scaling “profitably and sustainably” amid changing corporate travel dynamics.

Still, challenges persist—competition from legacy players and startups remains fierce, and global travel demand is uneven. Navan must balance expansion with controlling costs to maintain investor trust.

The strong debut offers optimism for the broader tech market. If Navan maintains early momentum, it could encourage other IPOs waiting on the sidelines. The listing may mark a small revival in U.S. tech equity confidence.