Navan's IPO Debut Sees 20% Decline
Shares of Navan, an expense management platform with a focus on travel, closed at $20, down 20% on its first day of trading, indicating lackluster investor demand.
Navan, formerly known as TripActions, had priced its shares at $25 each, 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.
Navan's decline in its first day of trading may be attributed to the company's pivot to a broader platform after revenue reached zero following the COVID pandemic.
Author's summary: Navan's IPO debut sees 20% decline in shares.