Navan's IPO Debut Sees 20% Decline
Shares of Navan, an expense management platform with a focus on travel, closed at $20, down 20% in its first-day trading on Thursday.
The company had priced its shares at $25 each, raising $923.1 million and setting an initial valuation of around $6.2 billion.
Navan, formerly known as TripActions, operates on the Nasdaq under the ticker NAVN.
The offering indicated lackluster investor demand for the long-awaited debut.
The company's pivot to a broader platform came after revenue reached zero following the COVID pandemic.
Author's summary: Navan's IPO debut saw a 20% decline in shares.
- Initial share price: $25
- Closing share price: $20
- Valuation: $6.2 billion
- Funds raised: $923.1 million
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