Navan's IPO Debut Sees 16% Decline in Shares
Navan, an expense management platform with a focus on travel, saw its shares trade at just under $21, down 16% in early trading on Thursday, indicating lackluster investor demand.
The company, formerly known as TripActions, had priced its shares at $25 each late Wednesday, raising $923.1 million and setting an initial valuation of around $6.2 billion. Navan's shares are trading on the Nasdaq under the ticker NAVN.
Author's summary: Navan's IPO debut sees a 16% decline.
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