Travel management company Navan on Thursday began trading as a public company on the Nasdaq Global Select Market.
Navan offered nearly 30 million shares, and existing investors offered nearly 7 million in an initial public offering priced at $25 per share. The stock, under the symbol NAVN on the Nasdaq, ended Thursday at $20 per share, down 20 per cent from its opening price.
The TMC's IPO has been a long-anticipated move, with a registration statement filed in June with the US Securities and Exchange Commission.
The company has been looking to go public for several years and earlier this month set a valuation of up to $6.45 billion, with plans to raise about $960 million in the IPO.
In October 2022, Navan - then still known as TripActions, before changing its name in 2023 - reported a valuation of $9.2 billion following a $304 million funding round.
Navan was ranked as the fifth largest European TMC in the list of Europe’s Leading TMCs 2025.