Navan Stock Crashes 20% on Nasdaq Debut After $6.2B IPO Despite $613M Revenue
Summary
Corporate travel company Navan crashes 20% in its Nasdaq debut despite raising $6.2 billion in its IPO, even as the firm boasts $613 million in revenue and major clients like Zoom and OpenAI.
Key Points
- Navan shares plummet 20% in first trading day on Nasdaq under ticker 'NAVN' after pricing IPO at $25 per share, valuing the corporate travel and expense management company at $6.2 billion
- The company reports trailing 12-month revenue of $613 million with over 10,000 customers including Geico, Zoom, and OpenAI, using AI assistant Ava to handle 50% of user interactions
- Venture investor Oren Zeev achieves $1 billion payday from his early investment in Navan, marking his biggest win as a rare one-person VC firm operator