Navan, a corporate travel management firm previously known as TripActions, submitted updated IPO documents to the U.S. Securities and Exchange Commission despite the ongoing government shutdown.
The company is taking advantage of SEC rules that allow companies in limbo during shutdowns to file updated information without staff scrutiny, with automatic approval in 20 days. Navan can then proceed with its roadshow, although staff can still ask questions or request amendments later on.
Navan has chosen not to comment on the updated IPO documents when approached by TechCrunch. Despite concerns that the shutdown might impact the IPO market, the company’s decision to move forward under these rules will be closely monitored by the tech industry.
In its updated filing, Navan plans to sell 30 million shares, with insiders offering an additional 7 million. The price range is set at $24 to $26 per share, potentially raising over $960 million and valuing the company at $6.45 billion. Notable backers include Lightspeed, Andreessen Horowitz, Zeev Ventures, and Greenoaks.
According to the updated filing, Navan reported a 32% increase in rolling 12-month revenue to $613 million, accompanied by losses of $188 million.
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