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