By Corrie Driebusch

Software company Navan plans to make its stock-market debut Thursday despite a government shutdown that has stalled other new listings.

Navan priced its offering at $25 a share, valuing Navan at roughly $6.2 billion, and raised around $923 million for the company and selling shareholders. It is the biggest company so far to stage an initial public offering using a workaround provided by the Securities and Exchange Commission.

The IPO market had been gaining momentum before SEC staffers that approve planned listings were furloughed when the shutdown began Oct. 1. Companies including Unilever, which was set to spin off its Magnum Ice Cream unit, have since cited the political stalemate as a reason for delaying plans.

But the SEC about a week into the shutdown told companies that listing paperwork would be automatically deemed effective 20 days after companies file a price range for their offerings.

Setting ranges nearly three weeks in advance can be risky given the many variables that can affect valuations in that time period. Companies typically post their target ranges only about a week before listing.

Bankers and lawyers say they are closely watching how the first handful of companies use the workaround trade.

SEC Chairman Paul Atkins this week celebrated the listing of smaller biotech company MapLight Therapeutics, posting on X that "the IPO market is still open for business."

Blackstone-backed medical-supply company Medline filed initial paperwork for an offering this week. If the shutdown persists, it could debut based on the 20-day guidance in a few weeks.

Companies use Navan's software for travel booking and expense management. Its app uses artificial intelligence to make the processes more efficient, something executives and bankers have been playing up in its pitch to investors.

Navan decided to move forward with its listing in part after seeing the big gains in companies that listed this summer, according to people close to the offering. Stablecoin issuer Circle Internet Group and software maker Figma both soared in market debuts, though they have since retreated from their highs.

Navan said it would price shares between $24 and $26 apiece, giving it a valuation between $6 billion and $6.5 billion. That is below the $9.2 billion the Palo Alto-based company was valued at in a 2022 funding round. Its backers include Andreessen Horowitz and Lightspeed Ventures.

The shutdown came at a bad time for the IPO market, which tends to slow down for the year by Thanksgiving due to planned travel. As it heads into its second month, some lawmakers hope to find a breakthrough before money stops flowing for key programs.

During the 2019 government shutdown, a few companies decided to set an exact price for their shares -- rather than a range -- and go public after 20 days. Biotech company Gossamer Bio completed an IPO that way, but most others waited for the government to reopen.

Write to Corrie Driebusch at corrie.driebusch@wsj.com

(END) Dow Jones Newswires

October 30, 2025 07:00 ET (11:00 GMT)

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