Navan moves ahead with IPO during shutdown, targeting $6.45 billion valuation | TechCrunch

Corporate travel management company Navan – once known as TripActions – has submitted an application updated IPO documents Friday with the U.S. Securities and Exchange Commission, even though the federal government is currently closed.

Navan is trading under new SEC rules that allow so-called publicly traded companies in limbo during the shutdown to file updated information, including share counts and prices, and have their statements automatically approved within 20 days without staff oversight. Once the registrations have been declared effective, Navan can start its roadshow. However, the rule does not mean that employees cannot ask questions or request amended returns later.

Navan declined to comment to TechCrunch on the updated IPO documents.

The prevailing thought was that the shutdown would cool and possibly even freeze an IPO market that had just begun to thaw. Even with this rule, many companies would rather get the green light from an employee than go it alone, sources said Bloomberg. So the tech world will be keeping an eye on how Navan’s gamble plays out.

Navan’s updated filings show that the company plans to sell 30 million shares, with insiders selling another 7 million shares. It priced its range between $24 and $26. At the high end, the company would raise over $960 million and be valued at $6.45 billion. Navan is backed by Lightspeed, Andreessen Horowitz, Zeev Ventures and Greenoaks.

Navan generated twelve-month revenue of $613 million (+32%), with a loss of $188 million, according to the updated filing.