Navan Advances with IPO Despite Shutdown, Aiming for $6.45B Valuation

Corporate travel management firm Navan, previously called TripActions, submitted updated IPO documents to the U.S. Securities and Exchange Commission on Friday, despite the ongoing federal government shutdown.

Navan is proceeding under new SEC guidelines that allow prospective public companies affected by the shutdown to file revised information, such as share counts and pricing, with their submissions automatically approved within 20 days, barring any staff review. Once these filings are validated, Navan can begin its roadshow. However, this does not prevent staff from later raising questions or requesting revisions.

Navan declined to comment to TechCrunch regarding its updated IPO documentation.

The prevailing view was that the shutdown would hinder and possibly obstruct an IPO market that had just started to show signs of recovery. Even with the new regulation in effect, many companies prefer to obtain clearance from staff instead of proceeding independently, as noted by sources who spoke to Bloomberg. As a result, the tech sector will be closely monitoring how Navan’s strategy unfolds.

Navan’s updated filing reveals that the company intends to offer 30 million shares, with insiders planning to sell an extra 7 million. The price is set at $24 to $26 per share. If priced at the top end, the company could raise over $960 million, leading to a valuation of $6.45 billion. Navan is supported by Lightspeed, Andreessen Horowitz, Zeev Ventures, and Greenoaks.

According to the revised filing, Navan reported a rolling 12-month revenue of $613 million (a 32% increase), with losses totaling $188 million.