Corporate travel management company Navan, which was once known as TripActions, filed updated IPO documents with the U.S. Securities and Exchange Commission on Friday. This filing occurred even though the federal government is currently shut down.
Navan is proceeding under new SEC rules that allow companies in limbo during the shutdown to file updated information. These updates can include share count and pricing. Under this rule, the company’s statements are automatically approved in 20 days without staff scrutiny. Once the filings are declared effective, Navan can begin its roadshow. However, the rule does not prevent staff from asking questions or requiring amended filings at a later date.
Navan declined to comment about its updated IPO documents. The general belief was that the government shutdown would cool down and possibly freeze an IPO market that had just started to recover. Even with this new rule, sources indicate that many companies would prefer to get a direct green light from an SEC staffer rather than proceed alone. As a result, the tech industry will be watching closely to see how Navan’s strategy unfolds.
Navan’s updated filing shows the company plans to sell 30 million shares, with company insiders selling an additional 7 million shares. It set its price range between 24 and 26 dollars per share. At the high end of that range, the company would raise more than 960 million dollars and be valued at 6.45 billion dollars.
Navan is backed by several prominent venture capital firms, including Lightspeed, Andreessen Horowitz, Zeev Ventures, and Greenoaks. According to the updated filing, Navan generated rolling 12-month revenue of 613 million dollars, which is an increase of 32 percent. The company also reported losses of 188 million dollars over the same period.