Travel tech firm Navan shares sink in first trade after $6 billion IPO
Corporate travel and expense management platform Navan fell by as much as 15% in its first trading day on the Nasdaq under the ticker symbol “NAVN” after its successful initial public offering.
The Navan IPO, which priced on Wednesday night, valued the business-to-business software vendor at $6.2 billion, raising $923 million and with shares settling at the midpoint of its deal range, $25 per share. The valuation was roughly $3 billion less than where private investors last valued Navan in 2022 in a $300 million round.
Launched by CEO Ariel Cohen and co-founder Ilan Twig in 2015, Navan set out to disrupt a business travel sector where incumbents relied on clunky legacy tools and fragmented workflows.
The Palo Alto-based company, formerly…
