"The corporate travel and expense management platform debuted on the Nasdaq on Thursday at $25 per share, in the middle of its expected range, raising $923 million at a $6.2 billion valuation. It's the largest company to test the IPO waters during the government shutdown. The shutdown has prompted some other companies to delay their public listings, including consumer group Unilever's spinoff of its Magnum Ice Cream unit."
"Navan is taking advantage of a new exception by the Securities and Exchange Commission, however - shortly after the IPO market came to a sudden halt earlier this month, the SEC said new listings would automatically go into effect without SEC review 20 days after companies set an IPO price range. That bet may be pressuring the company's stock, which opened on Thursday below its IPO price at $22 per share and continued to trade down throughout the day, closing at $20 per share."
"Navan's $6.2 billion IPO valuation is a step down from its all-time high at $9.2 billion in 2022, continuing this year's trend of down round IPOs. Navan, which was formerly known as Trip Actions, has faced several setbacks since its founding. The company raised its first round of funding in 2015 at a $4.5 million valuation from Lightspeed Venture Partners, Group 11, Oren Zeev, Raaid Hossain, and Zeev Ventures."
Navan priced its Nasdaq debut at $25 per share, raising $923 million and receiving a $6.2 billion valuation. The IPO went forward during a government shutdown by relying on an SEC exception that allows new listings to take effect 20 days after setting a price range without review. Shares opened below the IPO price at $22 and closed at $20, reflecting investor concerns about profitability. The valuation is below Navan's 2022 peak of $9.2 billion. Founded as TripActions, the company raised early funding in 2015 and saw revenue collapse during the pandemic before staging a rapid comeback toward a public listing.
Read at Business Insider
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