Navan, the corporate travel and expense platform, finished its first day of trading on the Nasdaq on Thursday down 20% from its $25 IPO price, resulting in a valuation of approximately $4.7 billion for the 10-year-old company.The company was the first to use a new SEC rule that allows public listings during a government shutdown. Unlike the traditional IPO path, which requires SEC regulators to review and grant final approval, companies using the shutdown workaround can get automatic approval for their IPO ...

After years of a rebrand, delayed IPOs, and pandemic whiplash, Navan's early investors are finally getting their reward.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 sp ...

Navan, the business travel, payments, and expense management startup, filed on Friday afternoon to go public.Its S-1 filing with the Securities and Exchange Commission indicates that the company plans to list on the Nasdaq Global Select Market under the symbol "NAVN."Navan reported trailing 12-month revenue of $613 million (up 32%) across over 10,000 customers, and gross bookings of $7.6 billion (up 34%), according to the S-1 filing.Goldman Sachs and Citigroup will act as lead book-running managers for the ...