News Summary

Navan, a corporate travel management company formerly known as TripActions, is pushing forward with its Initial Public Offering (IPO) despite a U.S. federal government shutdown. The company plans to use new SEC rules that allow IPOs to proceed without staff scrutiny during the shutdown, expecting to raise more than $960 million by selling 30 million shares. With insiders selling an additional 7 million shares, Navan’s valuation could reach $6.45 billion. The company is backed by investors like Lightspeed, Andreessen Horowitz, Zeev Ventures, and Greenoaks. Despite generating $613 million in revenue over the past 12 months, Navan has reported losses of $188 million.