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