"Navan is proceeding under SEC rules that allows wanna-be public companies that are in limbo during the shutdown to file updated information, including share count and pricing, and have their statements automatically ok'd in 20 days, without staff scrutiny. Once the filings are declared effective, Navan can kick off its roadshow. The rule, however, doesn't mean that staff can't ask questions or require amended filings later."
"Navan's updated filing shows the company plans to sell 30 million shares, with insiders selling an additional 7 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."
Navan filed updated IPO documents with the U.S. Securities and Exchange Commission during a federal government shutdown under an SEC rule that allows companies in limbo to file updates that are automatically declared effective after 20 days. The automatic effectiveness permits Navan to begin its roadshow once filings are declared effective, though SEC staff can still ask questions or require amended filings later. The updated filing shows plans to sell 30 million shares plus 7 million by insiders, with a $24–$26 price range implying a high-end raise above $960 million and a $6.45 billion valuation. Navan reported $613 million in rolling 12-month revenue (up 32%) and $188 million in losses and is backed by Lightspeed, Andreessen Horowitz, Zeev Ventures, and Greenoaks.
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