Navan's IPO Debut Sees 16% Decline
Shares of Navan, an expense management platform with a focus on travel, declined by 16% in early trading on Thursday, indicating low investor demand.
The company, formerly known as TripActions, had priced its shares at $25 each, but they were trading at just under $21. The IPO raised $923.1 million, with an initial valuation of around $6.2 billion.
Navan's platform expansion occurred after the COVID pandemic, when the company's revenue dropped to zero. The shares are now trading on the Nasdaq under the ticker NAVN.
Author's summary: Navan's IPO debut sees a 16% decline in shares.