Navan's IPO Debut Ends in Disappointment
Shares of Navan, an expense management platform with a focus on travel, closed at $20, down 20% on its first day of trading.
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, had pivoted to a broader platform after the COVID pandemic hit and revenue reached zero.
Despite the long-awaited debut, investor demand was lackluster, with shares trading at just under $21 in early trading.
The offering raised $923.1 million for the company, whose shares are trading on the Nasdaq under the ticker NAVN.
Author's summary: Navan's IPO debut ends in disappointment with a 20% decline.
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