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 priced its shares at $25 each on Wednesday, raising $923.1 million and setting an initial valuation of around $6.2 billion. The company's shares are trading on the Nasdaq under the ticker NAVN.
The company pivoted to a broader platform after revenue reached zero following the COVID pandemic.
The lackluster debut suggests a cautious market response to Navan's IPO.
Author's summary: Navan's IPO debut sees 16% decline in shares.
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