Navan's IPO Debut Sees 16% Drop in Shares
Shares of Navan, an expense management platform with a focus on travel, debuted at $21, down 16% from the initial price of $25, indicating lackluster investor demand.
Navan, formerly known as TripActions, had pivoted to a broader platform after revenue dropped to zero following the COVID pandemic. The company raised $923.1 million in the offering, with an initial valuation of around $6.2 billion, and is trading on the Nasdaq under the ticker NAVN.
The offering raised $923.1 million for the company, whose shares are trading on the Nasdaq under the ticker NAVN.
Author's summary: Navan's IPO debut sees a 16% drop in shares.
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