Navan's IPO Debut Sees 20% Decline
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 revenue dropped to zero following the COVID pandemic.
Its shares are trading on the Nasdaq under the ticker NAVN, with the lackluster investor demand indicating a disappointing debut.
Navan's IPO debut saw a 20% decline in share price, indicating lackluster investor demand.
Author's summary: Navan's IPO debut sees 20% decline in share price.