Core Viewpoint - Navan's shares experienced a significant decline on its first day of public trading, indicating potential challenges in the current IPO market environment [1] Group 1: IPO Performance - Navan priced its IPO at $25 per share but opened at $22 and closed at $20, reflecting a drop of 20% from the initial price [1] - The IPO was closely monitored as Navan is the largest company to go public during the government shutdown, which has affected the overall market sentiment [1] Group 2: Regulatory Environment - The SEC's current workaround rules require companies to set a price range nearly three weeks in advance, complicating the IPO process during the shutdown [2] - Following the IPO, Non shares fell an additional 2.5%, indicating ongoing volatility and investor uncertainty [2]
Navan shares fall 20% after IPO