Navan's IPO Debut Disappoints with 16% Drop
Navan, an expense management platform focused on travel, saw its shares trade at around $21, a 16% decline in early trading on Thursday, indicating weak investor demand.
The company, formerly known as TripActions, had priced its shares at $25 each on Wednesday. After the COVID pandemic, TripActions pivoted to a broader platform when revenue dropped to zero.
- The IPO raised $923.1 million for the company.
- Navan's shares are trading on the Nasdaq under the ticker NAVN.
- The initial valuation is around $6.2 billion.
No specific quote available.
Author's summary: Navan's IPO debut disappoints.
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