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