Navan's IPO Debut Sees 16% Decline
Shares of Navan, an expense management platform focused on travel, debuted at $21, down 16% from the initial price of $25, indicating weak investor demand.
Navan, formerly known as TripActions, had pivoted to a broader platform after the COVID pandemic. The company raised $923.1 million and set an initial valuation of around $6.2 billion, with shares trading on the Nasdaq under the ticker NAVN.
The offering was priced at $25 per share late Wednesday.
The decline in share price suggests a lackluster response from investors.
Author's summary: Navan's IPO debut saw a 16% decline in shares.
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