Navan's IPO Debut Sees 20% Decline
Shares of Navan, an expense management platform, closed at $20, down 20% in first-day trading on Thursday.
The company, formerly known as TripActions, had priced its shares at $25 each, raising $923.1 million and setting an initial valuation of around $6.2 billion.
Navan's platform emphasizes travel and had pivoted to a broader platform after revenue reached zero following the COVID pandemic.
Shares are trading on the Nasdaq under the ticker NAVN, indicating lackluster investor demand for the long-awaited debut.
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 20% decline.
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