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, a 16% decrease in early trading on Thursday, indicating lackluster 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. Navan's shares are trading on the Nasdaq under the ticker NAVN.
Notably, the company pivoted to a broader platform after revenue reached zero following the COVID pandemic.
Navan operates an expense management platform with an emphasis on travel.
- Initial share price: $25
- First-day trading price: just under $21
- Decrease: 16%
- Funds raised: $923.1 million
- Initial valuation: around $6.2 billion
Author's summary: Navan's IPO debut sees a 16% drop in shares.
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