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 trading on Thursday, indicating lackluster investor demand.
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's shares are trading on the Nasdaq under the ticker NAVN.
Previously known as TripActions, the company pivoted to a broader platform after revenue dropped to zero following the COVID pandemic.
The offering raised $923.1 million for the company.
Author's summary: Navan's IPO debut saw a 16% drop in shares.
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