Navan plows ahead with IPO during shutdown, aims for $6.45B valuation | TechCrunch
Corporate travel management company Navan — once known asTripActions — filed updatedIPO documentswith the U.S. Securities and Exchange Commissionon Friday,even though the federal government is currently shut down. Navan isproceedingundernew SEC rulesthatallowswanna-bepublic companies that are in limbo during the shutdown to fileupdatedinformation,including share count and pricing, and have their statements automaticallyokayedin20 days without staff scrutiny.Once…
Corporate travel management company Navan — once known asTripActions — filed updatedIPO documentswith the U.S. Securities and Exchange Commissionon Friday,even though the federal government is currently shut down.
Navan isproceedingundernew SEC rulesthatallowswanna-bepublic companies that are in limbo during the shutdown to fileupdatedinformation,including share count and pricing, and have their statements automaticallyokayedin20 days without staff scrutiny.Once the filings are declared effective, Navan can kick off its roadshow. The rule, however,doesn’tmean that staffcan’task questions or require amended filings later.
Navan declined to comment to TechCrunch about its updated IPO documents.
The going thought was that the shutdown would cool and possibly freeze an IPO market that had just started to thaw. Even with this rule, many companies would rather get a green light from a staffer than go it alone, sources told Bloomberg. So the tech world will be watching how Navan’s gambit fairs.
Navan’s updated filing shows the company plans to sell30 million shares, with insiders selling anadditional7 million. It priced its range at $24 to $26.At the high-end, the company would raise more than $960 million and be valued at $6.45 billion. Navan is backed by Lightspeed, Andreessen Horowitz, Zeev Ventures, and Greenoaks.
Navan generated rolling 12-month revenue of $613 million (up 32%), with losses of $188 million, according to the updated filing.
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