Navan is pushing ahead with an IPO during the lockdown, aiming for a $6.45 billion valuation

Corporate travel management company Navan – formerly known as TripActions – has submitted an application Updated underwriting documents With the US Securities and Exchange Commission on Friday, even though the federal government is currently closed.

Navan advances Under new SEC rules It allows companies wanting to go public that are in limbo during the shutdown to submit updated information, including the number of shares and pricing, and have their statements automatically approved within 20 days without employee scrutiny. Once the registrations are declared effective, Navan can begin its promotional campaign. However, the rule does not mean that employees cannot ask questions or request adjustments later.

Navan declined to comment to TechCrunch about the updated IPO documents.

The prevailing belief was that the shutdown would cool and perhaps freeze the IPO market that was just beginning to thaw. Even with this rule, many companies would prefer to get the green light from an employee rather than go it alone, the sources said. Bloomberg. So the tech world will be watching how Navan’s gambit pans out.

Navan’s updated filing shows the company plans to sell 30 million shares, with insiders selling an additional 7 million shares. Its price ranges from $24 to $26. Ultimately, the company will raise more than $960 million and be valued at $6.45 billion. Navan is backed by Lightspeed, Andreessen Horowitz, Zeev Ventures, and Greenoaks.

Navan had rolling 12-month revenue of $613 million (up 32%), with losses of $188 million, according to the updated filing.