Navan's IPO Debut Sees 16% Decline
Shares of Navan, an expense management platform with a focus on travel, debuted at $21, down 16% from the initial price of $25, indicating lackluster investor demand.
Navan, formerly known as TripActions, had pivoted to a broader platform after the COVID pandemic hit, resulting in zero revenue. The company raised $923.1 million in its IPO, with an initial valuation of around $6.2 billion, and is trading on the Nasdaq under the ticker NAVN.
The offering raised $923.1 million for the company, setting an initial valuation of around $6.2 billion.
Author's summary: Navan's IPO debut sees 16% decline in shares.
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