Navan's IPO Debut Sees 20% Decline
Navan, an expense management platform focused on travel, saw its shares close at $20, down 20%, on its first day of trading.
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, expanded its platform after revenue dropped to zero following the COVID pandemic.
Its shares are trading on the Nasdaq under the ticker NAVN.
Navan's IPO debut indicates lackluster investor demand.
Author's summary: Navan's IPO debut sees 20% decline in shares.
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