Navan's IPO Debut Sees 16% Decline in Shares
Navan, an expense management platform with a focus on travel, saw its shares trade at just under $21, down 16% in early first-day trading on Thursday.
This indicates lackluster investor demand for the long-awaited debut. The company had priced its shares at $25 each late Wednesday, raising $923.1 million and setting an initial valuation of around $6.2 billion.
Navan, formerly known as TripActions, pivoted to a broader platform after revenue reached zero following the COVID pandemic. Its shares are trading on the Nasdaq under the ticker NAVN.
Author's summary: Navan's IPO debut sees 16% decline.