Navan's IPO Debut
Shares of Navan, an expense management platform, closed at $20, down 20% in first-day trading, indicating lackluster investor demand.
Navan had priced shares at $25 each, raising $923.1 million, with an initial valuation of around $6.2 billion.
The company, formerly known as TripActions, operates a platform with an emphasis on travel, and has expanded to a broader platform after the COVID pandemic.
Navan's shares are trading on the Nasdaq under the ticker NAVN.
- Initial share price: $25
- Closing share price: $20
- Amount raised: $923.1 million
- Initial valuation: $6.2 billion
Author's summary: Navan's IPO debut saw a 20% decline in share price.