Navan's IPO Debut Sees 16% Drop in Shares
Navan, an expense management platform with a focus on travel, saw its shares trade at just under $21, down 16% in early first-day trading on Thursday.
This indicates a lackluster investor demand for the long-awaited debut. 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, formerly known as TripActions, had pivoted to a broader platform after the COVID pandemic hit, when its revenue reached zero. The company's shares are trading on the Nasdaq under the ticker NAVN.
Author's summary: Navan's IPO debut sees 16% drop.
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