Core Insights - Navan, a corporate travel and expense platform, experienced a 20% decline on its first day of trading on Nasdaq, resulting in a valuation of approximately $4.7 billion from its IPO price of $25 [1] - The company utilized a new SEC rule allowing public listings during a government shutdown, which enabled automatic approval for its IPO documents after 20 days of submission [2][3] - Navan's decision to proceed with the IPO was influenced by the prior review of its registration statements by SEC staff before the government shutdown [3] Company Background - Navan, formerly known as TripActions, had been preparing for its IPO for several years, initially filing confidential paperwork in 2022 and aiming for a $12 billion valuation in early 2023 [7] - The company was last valued at $9.2 billion after raising $154 million in a Series G round in October 2022 [7] - Major customers include Shopify, Zoom, Wayfair, OpenAI, and Thomson Reuters, with its AI-powered assistant, Ava, managing about 50% of customer interactions related to travel bookings [8] Financial Performance - Over the last 12 months, Navan generated revenue of $613 million, reflecting a 32% increase, while incurring losses of $188 million [9] - The company's largest venture capital backers prior to the IPO included Lightspeed (24.8% stake), Oren Zeev (18.6% stake), Andreessen Horowitz (12.6% stake), and Greenoaks (7.1%) [10]