Corporate travel management company Navan (once known asĀ TripActions)Ā filed updatedĀ IPO documentsĀ with the U.S. Securities and Exchange CommissionĀ on Friday,Ā even though the federal government is currently shut down.Ā Ā
Navan isĀ proceedingĀ underĀ SEC rulesĀ thatĀ allowsĀ wanna-beĀ public companies that are in limbo during the shutdown to fileĀ updatedĀ information,Ā including share count and pricing, and have their statements automaticallyĀ okādĀ inĀ 20 days, without staff scrutiny.Ā Once the filings are declared effective, Navan can kick off its roadshow. The rule, however,Ā doesnātĀ mean that staffĀ canātĀ ask questions or require amended filings later.Ā
Navan declined to comment to TechCrunch about its updated IPO documents.
The going thought was that the shutdown would cool and possiblyĀ freeze an IPO market that had just started to thaw.Ā Even with this rule, manyĀ companies would rather get a green light from a staffer than go it alone, sourcesĀ told,Ā Bloomberg.Ā So the tech world will be watching how Navanās gambit fairs.Ā
Navanās updated filing shows the company plans to sellĀ 30 million shares, with insiders selling anĀ additionalĀ 7 million. It priced its range at $24 to $26.Ā At theĀ high-end, the company would raiseĀ more than $960 million and be valued atĀ $6.45 billion.Ā Navan is backed by Lightspeed, Andreessen Horowitz, Zeev Ventures, and Greenoaks.
NavanĀ generatedĀ rolling 12-month revenueĀ ofĀ $613 million (up 32%), withĀ lossesĀ of $188 million, according to the updated filing.
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