Navan IPO: Valuation Soars to $6.45B Despite Shutdown

Navan Advances IPO Filing Amidst Government Shutdown

Navan, formerly operating as TripActions, has submitted revised IPO documentation to the U.S. Securities and Exchange Commission (SEC) on Friday.

This action is occurring despite the current federal government shutdown.

New SEC Rules Facilitate Filing

The company is leveraging recently implemented SEC regulations.

These rules permit prospective public companies facing delays due to the shutdown to submit updated information, such as share numbers and pricing details.

Statements filed under these rules will be automatically deemed effective within 20 days, without the usual staff review.

However, it’s important to note that SEC staff retain the ability to pose inquiries or request amended filings at a later date.

Navan's Response

Navan chose not to provide a statement to TechCrunch regarding its updated IPO documents.

Impact on the IPO Market

Prior to this rule change, it was widely anticipated that the government shutdown would dampen, and potentially halt, the nascent recovery of the IPO market.

Despite the availability of this new pathway, several companies reportedly prefer to secure approval from SEC staff before proceeding independently, as reported by Bloomberg.

Industry observers are closely monitoring the outcome of Navan’s decision.

Details of the Offering

Navan intends to offer 30 million shares for sale.

Existing shareholders plan to sell an additional 7 million shares.

The proposed price range for the shares is between $24 and $26.

At the upper end of this range, the company could generate over $960 million in capital and achieve a valuation of $6.45 billion.

Key investors in Navan include Lightspeed, Andreessen Horowitz, Zeev Ventures, and Greenoaks.

Financial Performance

According to the updated filing, Navan has achieved a trailing 12-month revenue of $613 million, representing a 32% increase.

The company reported a loss of $188 million over the same period.