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Investing.com -- Navan shares began trading 12% below their initial public offering price in their market debut on Thursday, giving the travel technology company a valuation of $5.9 billion.
The corporate travel and expense software company priced its IPO at $25 per share on Wednesday night, within its marketed range of $24 to $26 per share. Navan raised $923.1 million in the offering, with $750 million coming from the sale of 30 million new shares and the remainder from existing stockholders who sold about 6.9 million shares.
The company, based in Palo Alto, California, was founded in 2015 as TripActions by Ariel Cohen and Ilan Twig. It initially focused on corporate travel management, aiming to modernize services traditionally provided by companies such as American Express and SAP Concur.
Since its founding, Navan has expanded its business to include corporate payments and expense management. The company serves global clients including Zoom Communications and Lyft, according to its website.