Navan's IPO Debut Sees Lackluster Demand
Shares of Navan, an expense management platform with a focus on travel, closed at $20, down 20% in its first-day trading on Thursday.
The company had priced its shares at $25 each, raising $923.1 million and setting an initial valuation of around $6.2 billion.
Navan, formerly known as TripActions, operates on the Nasdaq under the ticker NAVN.
The company pivoted to a broader platform when revenue reached zero after the COVID pandemic hit.
- Initial share price: $25
- First-day closing price: $20
- Valuation: around $6.2 billion
Author's summary: Navan's IPO debut saw a 20% decline in share price.
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