Navan raised around $923 million in its IPO Thursday, but at the close its share price fell 20% to $20.
That knocked its market cap down to around $4.7 billion.
The $5 hit to the open $25 per share debut could in part reflect skepticism about the company’s growth prospects or strategy for profitability
Navan priced its IPO at $25 per share and is slated to start trading on Nasdaq today.
Navan planned to use these the proceeds for ongoing product development, working capital, acquisitions, and debt repayment.
Navan has spent the past several years expanding its global footprint by acquiring regional travel companies such as Reed & Mackay (
