Navan Pushes Forward With IPO Amid U.S. Government Shutdown, Targeting $6.45 Billion Valuation
Corporate travel and expense management company Navan — formerly known as TripActions — has officially filed updated IPO documents with the U.S. Securities and Exchange Commission (SEC), even as the ongoing government shutdown continues to impact federal operations.
The company is taking advantage of a new SEC rule that allows startups and private firms preparing to go public to submit updated filings, including details like share count and pricing, during the shutdown. These filings automatically become effective after 20 days without the typical SEC staff review. Once the filing is approved, Navan can begin its IPO roadshow. However, the rule still gives SEC staff the right to request clarifications or amendments at a later date.
While Navan declined to comment on its latest submission, analysts say its decision to move ahead shows strong confidence in its business fundamentals and market demand. The shutdown had been expected to slow down or completely pause the IPO market, but Navan’s move may signal resilience among top tech firms. Still, sources told Bloomberg that many companies remain hesitant to proceed without formal SEC review.
According to the updated filing, Navan plans to sell 30 million shares, with insiders offering an additional 7 million. The IPO price range is set between $24 and $26 per share, which could raise over $960 million and give the company a valuation of approximately $6.45 billion.
Navan, which counts Lightspeed Venture Partners, Andreessen Horowitz, Zeev Ventures, and Greenoaks among its major backers, reported 12-month rolling revenue of $613 million, marking a 32% increase year over year, alongside losses of $188 million, according to the SEC filing.
All eyes in the tech and investment community will be on how Navan’s IPO performs — and whether its bold timing sets a precedent for other startups navigating uncertain economic conditions.
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