Navan's IPO Debut
Shares of Navan, an expense management platform, closed at $20, down 20% in first-day trading, indicating lackluster investor demand.
The company, formerly known as TripActions, had priced shares at $25 each, raising $923.1 million and setting an initial valuation of around $6.2 billion.
Navan's platform emphasizes travel and has evolved from its previous focus after the COVID pandemic.
Its shares are trading on the Nasdaq under the ticker NAVN.
Navan's lackluster debut reflects investor demand.
Author's summary: Navan's IPO debut saw a 20% decline in shares.
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