Corporate travel management company Navan (formerly known as TripActions) filed updated IPO documents with the U.S. Securities and Exchange Commission on Friday, despite the current federal government shutdown.
Navan is proceeding under new SEC rules that allow aspiring companies stalled during the shutdown to submit updated information, such as share counts and prices, and have their statements automatically approved within 20 days without staff scrutiny. Once the application is declared effective, Navan can begin its roadshow. However, this rule does not mean that staff cannot ask questions or request an amended return later.
Navan declined to comment to TechCrunch on the latest IPO documents.
It was believed that the government shutdown could cool and freeze the IPO market, which was just starting to thaw. Even with the rules, many companies would prefer to get the green light from their staff rather than proceeding alone, people familiar with the matter told Bloomberg. As such, the tech world will be watching closely to see how Navan's Gambit is viewed.
According to Navan's latest filing, the company sold 30 million shares, with insiders planning to sell another 7 million shares. Prices range from $24 to $26. At the high end, the company has raised more than $960 million, giving it a valuation of $6.45 billion. Navan is backed by Lightspeed, Andreessen Horowitz, Zeev Ventures, and Greenoaks.
According to its latest filing, Navan had revenue of $613 million (up 32%) for the 12th consecutive month, with a loss of $188 million.
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