Navan's IPO Debut
Shares of Navan, an expense management platform with a focus on travel, closed at $20, down 20% in first-day trading on Thursday.
The company had priced its shares at $25 each late Wednesday, but lackluster investor demand led to a decline in stock price.
- Initial stock price: $25
- Closing stock price: $20
- Decline: 20%
Navan, formerly known as TripActions, raised $923.1 million in its IPO, with an initial valuation of around $6.2 billion, and its shares are trading on the Nasdaq under the ticker NAVN.
The company pivoted to a broader platform after revenue reached zero following the COVID pandemic.
Author's summary: Navan's IPO debut was lackluster, with shares closing down 20%.
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