Navan's IPO Debut Sees 16% Decline in Shares
Shares of Navan, an expense management platform, were trading at $21, down 16% in early trading, indicating lackluster investor demand.
Navan, formerly TripActions, had priced shares at $25 each, raising $923.1 million and setting an initial valuation of $6.2 billion.
The company's shares are trading on the Nasdaq under the ticker NAVN.
The offering raised $923.1 million for the company, with an initial valuation of around $6.2 billion.
Author's summary: Navan's IPO debut sees a 16% decline in shares.
- Initial share price: $25
- Trading price: $21
- Decline: 16%
- Valuation: $6.2 billion
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