Navan's IPO Debut Sees 16% Decline in Share Price
Navan, an expense management platform with a focus on travel, saw its shares trade at just under $21, down 16% in early trading on Thursday, indicating a lack of investor demand.
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's shares are trading on the Nasdaq under the ticker NAVN.
formerly known as TripActions, the company pivoted to a broader platform after revenue dropped to zero following the COVID pandemic.
Navan operates an expense management platform with an emphasis on travel
- Initial share price: $25
- First-day trading price: just under $21
- Decline in share price: 16%
- Funds raised: $923.1 million
- Initial valuation: around $6.2 billion
Author's summary: Navan's IPO debut sees a 16% decline in share price.
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