Navan's IPO Debut
Shares of Navan, an expense management platform with a focus on travel, debuted with lackluster investor demand.
The company's shares closed at $20, down 20% from the initial price of $25, with early trading showing a 16% decline.
- Initial public offering raised $923.1 million
- Valuation set at around $6.2 billion
- Shares trade on the Nasdaq under the ticker NAVN
Navan, formerly known as TripActions, pivoted to a broader platform after revenue dropped to zero following the COVID pandemic.
No specific quote available.
Author's summary: Navan's IPO debut saw a 20% decline in shares.
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