Navan shares fall 20% after IPO

Shares of Navan plunged yesterday on its first day of public trading. The company had priced its IPO at $25 a share. It opened at $22 a share and then it closed at $20 a share.That IPO was being pretty closely watched as Non is the largest company to go public during the government shutdown. The IPO, as you know, had pretty strong momentum leading up to the shutdown, but now SEC staffers who approve planned listings are furoughed. That's led some companies to delay their planned listings.The SEC's workaroun ...