Navan's IPO Debut Sees 16% Decline
Shares of Navan, an expense management platform focused on travel, debuted at $21, down 16% in early trading, indicating weak investor demand.
Navan, formerly known as TripActions, had priced its shares at $25 each, raising $923.1 million and setting an initial valuation of $6.2 billion.
The company's pivot to a broader platform occurred after revenue dropped to zero following the COVID pandemic.
Navan's shares are trading on the Nasdaq under the ticker NAVN.
The offering raised $923.1 million for the company, with an initial valuation of around $6.2 billion.
Author's summary: Navan's IPO debut sees a 16% decline in shares.
- Initial share price: $25
- Debut trading price: $21
- Decline: 16%
- Valuation: $6.2 billion
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