Travel management company Navan on Thursday began trading as a public company on the Nasdaq Global Select Market.
Navan offered nearly 30 million shares, and existing investors offered nearly 7 million in an initial public offering priced at $25 per share. The stock, under the symbol NAVN on the Nasdaq, ended closed Thursday at $20 per share, down 20 percent from its opening price.
Navan filed a registration statement with the U.S. Securities and Exchange Commission in June. The company earlier this month set a valuation of up to $6.45 billion, with plans to raise about $960 million in the IPO.