Navan proceeds with its IPO amid the shutdown, targeting a $6.45B valuation.

Navan, the corporate travel management firm formerly known as TripActions, submitted revised IPO documents to the U.S. Securities and Exchange Commission on Friday, despite the ongoing federal government shutdown.

Navan is moving forward under new SEC regulations that allow prospective public companies, stalled by the shutdown, to file updated information, such as share count and pricing. These filings will be automatically approved in 20 days without staff review. Once effective, Navan can begin its roadshow. However, the rule does not prevent staff from later requesting information or amended filings.

Navan chose not to provide TechCrunch with a statement regarding its updated IPO documents.

The prevailing belief was that the shutdown would temper, or potentially halt, the nascent recovery of the IPO market. Sources informed Bloomberg that, even with this rule, many companies prefer staff approval over proceeding independently. The tech community will closely monitor Navan’s strategy.

Navan’s updated filing indicates intentions to sell 30 million shares, with insiders offering an additional 7 million. The price range is set at $24 to $26. Reaching the high end of this range would allow the company to raise over $960 million, resulting in a valuation of $6.45 billion. Navan’s backers include Lightspeed, Andreessen Horowitz, Zeev Ventures, and Greenoaks.

According to the updated filing, Navan’s trailing 12-month revenue was $613 million (a 32% increase), with losses amounting to $188 million.