Navan's IPO Debut Disappoints with 16% Drop
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.
Navan, formerly known as TripActions, had pivoted to a broader platform after the COVID pandemic hit and revenue dropped to zero. The company raised $923.1 million in the offering, with shares trading on the Nasdaq under the ticker NAVN, valuing the company at around $6.2 billion.
The offering raised $923.1 million for the company, whose shares are trading on the Nasdaq under the ticker NAVN.
Author's summary: Navan's IPO debut disappoints with 16% drop.