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4h ago

Navan Sets IPO Terms During Shutdown, Targeting Up to $6.45 Billion Valuation

The travel and expense company invoked a shutdown rule that starts a 20-day automatic effectiveness clock while preserving the SEC’s ability to seek changes later.

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Overview

  • An updated SEC filing outlines a sale of 30 million new shares plus 7 million from insiders at $24 to $26, implying proceeds above $960 million and a valuation up to $6.45 billion.
  • The company used the SEC’s automatic-effectiveness pathway during the federal shutdown, allowing the registration to become effective after 20 days unless staff later requests changes.
  • Navan reported $613 million in trailing 12-month revenue, up 32%, and a net loss of $188 million in the updated paperwork.
  • Shares are expected to list on Nasdaq under the ticker NAVN, with Goldman Sachs, Citigroup, Jefferies, Mizuho and Morgan Stanley among the underwriters.
  • The targeted valuation sits below the $9.2 billion private mark set in 2022, as market watchers note many issuers still prefer full SEC staff clearance before launching offerings.