Navan's IPO Debut Sees 16% Decline
Shares of Navan, an expense management platform with a focus on travel, debuted at $21, down 16% from the initial price of $25, indicating weak investor demand.
The company, formerly known as TripActions, raised $923.1 million in its IPO, with shares trading on the Nasdaq under the ticker NAVN, valuing the company at around $6.2 billion.
Navan pivoted to a broader platform after revenue reached zero following the COVID pandemic.
- IPO price: $25
- Debut price: $21
- Decline: 16%
- Funding raised: $923.1 million
- Valuation: $6.2 billion
Author's summary: Navan's IPO debut sees a 16% decline in share price.
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