Navan Defies Shutdown, Files for IPO at $6.45B Valuation
▼ Summary
– Navan filed updated IPO documents during the federal government shutdown under new SEC rules allowing automatic approval in 20 days without staff review.
– The new rule permits companies to file updates on share count and pricing but doesn’t prevent the SEC from later requesting changes or asking questions.
– Navan plans to sell 30 million shares with insiders selling 7 million more, pricing them between $24-$26 to raise up to $960 million at a $6.45 billion valuation.
– The company reported $613 million in trailing 12-month revenue, representing 32% growth, alongside $188 million in losses according to the filing.
– Industry observers are watching Navan’s approach as many companies prefer staff approval over proceeding independently during the shutdown.
Despite the ongoing federal government shutdown, corporate travel management firm Navan, previously operating under the name TripActions, has officially submitted revised IPO paperwork to the U.S. Securities and Exchange Commission. The company is leveraging recently implemented SEC regulations that permit businesses stuck in limbo during the shutdown to update key details such as share counts and pricing ranges. Under these rules, filings are automatically declared effective after 20 days, even without direct staff review, allowing Navan to proceed with its investor roadshow once that period ends. It’s important to note, however, that SEC personnel retain the authority to pose questions or request amendments at a later stage.
Navan has chosen not to comment publicly on its updated submission. Many observers had anticipated that the government closure would chill, or even halt, an IPO market that had only just begun to show signs of revival. Even with the new regulation in place, sources indicate that most firms prefer receiving explicit approval from SEC staff rather than moving forward autonomously. As a result, the technology sector is closely monitoring how Navan’s bold strategy unfolds.
According to the amended filing, Navan intends to offer 30 million shares, with company insiders planning to sell an extra 7 million. The proposed price range sits between $24 and $26 per share. Should the stock price reach the upper end of that spectrum, the offering could generate more than $960 million, placing the firm’s valuation at approximately $6.45 billion. Navan counts prominent backers such as Lightspeed, Andreessen Horowitz, Zeev Ventures, and Greenoaks among its investors.
Financially, the updated documents reveal that Navan posted trailing 12-month revenue of $613 million, marking a solid 32% year-over-year increase. At the same time, the company reported a net loss of $188 million over the same period.
(Source: TechCrunch)
