Navan's IPO Debut Sees 16% Decline
Shares of Navan, an expense management platform with a focus on travel, debuted at $21, down 16% from the initial price of $25, indicating weak investor demand.
Navan, formerly known as TripActions, had pivoted to a broader platform after the COVID pandemic. The IPO raised $923.1 million, with shares trading on Nasdaq under the ticker NAVN, valuing the company at around $6.2 billion.
The company's revenue had reached zero after the pandemic hit, prompting the pivot.
- IPO price: $25
- Debut price: $21
- Funds raised: $923.1 million
- Valuation: $6.2 billion
Author's summary: Navan's IPO debut sees a 16% decline in shares.
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