Navan's IPO Debut Disappoints
Shares of Navan, a company operating an expense management platform with a focus on travel, closed at $20, down 20% in its first-day trading on Thursday.
The lackluster performance indicates poor investor demand for the long-awaited debut. Navan had priced its shares at $25 each late Wednesday, raising $923.1 million and setting an initial valuation of around $6.2 billion.
Navan, formerly known as TripActions, pivoted to a broader platform after revenue dropped to zero following the COVID pandemic. The company's shares are trading on the Nasdaq under the ticker NAVN.
Navan's IPO debut was highly anticipated, but the results were disappointing.
The company's expense management platform is designed to streamline travel and other expenses, but the market response has been underwhelming.
Author's summary: Navan's IPO debut disappoints with 20% drop.