Travel tech firm Navan set for Nasdaq debut after $923 million US IPO

Oct 30 (Reuters) – Navan is set to make its Nasdaq debut later on Thursday, after the travel technology company raised $923 million in its listing and successfully navigated a U.S. government shutdown to go public.
Momentum in the U.S. IPO market, which had picked up pace in the second half of the year after a years-long lull, stalled at the start of October when the U.S. markets regulator furloughed staff and paused the review of filings.
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The Securities and Exchange Commission later eased restrictions, allowing companies to proceed with listings during the shutdown, prompting firms such as Navan to capitalize on a record run in the equity markets and a renewal in investor risk appetite.