Core Insights - Navan, formerly known as TripActions, has filed updated IPO documents with the U.S. Securities and Exchange Commission (SEC) despite the ongoing federal government shutdown [1][2] - The company is utilizing new SEC rules that allow companies to file updated information during the shutdown, enabling them to receive automatic approval within 20 days without staff scrutiny [2][3] - The IPO market was expected to be negatively impacted by the shutdown, but Navan's actions will be closely monitored by the tech industry [3] Financial Details - Navan plans to sell 30 million shares, with an additional 7 million shares being sold by insiders, pricing the shares between $24 and $26 [4] - If priced at the high end, Navan could raise over $960 million and achieve a valuation of $6.45 billion [4] - The company reported rolling 12-month revenue of $613 million, reflecting a 32% increase, while incurring losses of $188 million [4] Backing and Support - Navan is backed by notable investors including Lightspeed, Andreessen Horowitz, Zeev Ventures, and Greenoaks [4]
Navan plows ahead with IPO during shutdown, aims for $6.45B valuation