Navan’s IPO Flop? TravelTech Stock Sinks 12% on Nasdaq Debut
Rocky Market Debut: Shares Slip 12% Navan’s first day as a public company was rocky. The stock debuted on Nasdaq under the ticker NAVN, immediately trading below its IPO price. Reuters reports Navan “started trading 12% below” the offering price, opening around $22 reuters.com. By midday on Oct 30 the stock was near $21.14, a ~15% drop from $25 investing.com. This initial slide wiped out tens of millions in paper value – the company’s fully diluted market cap dipped to about $5.9–6.7 billion reuters.com. Some insiders put a positive spin on the debut’s rough start. CEO Ariel Cohen remained upbeat,