A: Yoo, Sakura! Guess what happened today?
B: Hmm, not sure... What is it?
A: Navan, the travel platform, just went public on Nasdaq! But guess what, it dropped 20% on its first day. Now they're worth about $4.7 billion.
B: Wow, that's huge! And why did they go public during a government shutdown?
A: Yeah, that's the interesting part. They used a new rule that lets companies list publicly even during a shutdown. But if the SEC finds problems later, they might need to change their documents and that could lower their stock price!
B: That's risky... But Navan went through with it because most of their papers were already reviewed before the shutdown.
A: Exactly! And other startups are watching this closely since they have until the end of the year to decide if they want to go public or wait till next year.
B: They've been waiting a while, right? I heard they filed their papers in 2022 and planned to debut at $12 billion valuation early last year.
A: Yup! Now they're worth less than half of that after the IPO. Still, they have big clients like Shopify, Zoom, Wayfair, OpenAI, and Thomson Reuters.
B: They also have an AI-powered assistant for booking trips and an expense management solution with features like automated receipt scanning.
A: Right! And over the last 12 months, they made $613 million but lost $188 million too. Their biggest investors include Lightspeed, Oren Zeev, Andreessen Horowitz, and Greenoaks.
B: This is some exciting news! I wonder what will happen next with Navan...
B: Hmm, not sure... What is it?
A: Navan, the travel platform, just went public on Nasdaq! But guess what, it dropped 20% on its first day. Now they're worth about $4.7 billion.
B: Wow, that's huge! And why did they go public during a government shutdown?
A: Yeah, that's the interesting part. They used a new rule that lets companies list publicly even during a shutdown. But if the SEC finds problems later, they might need to change their documents and that could lower their stock price!
B: That's risky... But Navan went through with it because most of their papers were already reviewed before the shutdown.
A: Exactly! And other startups are watching this closely since they have until the end of the year to decide if they want to go public or wait till next year.
B: They've been waiting a while, right? I heard they filed their papers in 2022 and planned to debut at $12 billion valuation early last year.
A: Yup! Now they're worth less than half of that after the IPO. Still, they have big clients like Shopify, Zoom, Wayfair, OpenAI, and Thomson Reuters.
B: They also have an AI-powered assistant for booking trips and an expense management solution with features like automated receipt scanning.
A: Right! And over the last 12 months, they made $613 million but lost $188 million too. Their biggest investors include Lightspeed, Oren Zeev, Andreessen Horowitz, and Greenoaks.
B: This is some exciting news! I wonder what will happen next with Navan...
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Summary
Navan, a travel platform, went public on Nasdaq during the government shutdown utilizing a new listing rule. Despite debuting at a $4.7 billion valuation, it dropped 20%. The company's initial papers were reviewed before the shutdown. Their operations generated $613 million over the last year with
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ID: 3d3ad66d-ec0a-4fac-9707-435709111118
Category ID: conversation_summary
Date: Oct. 31, 2025
Notes: 2025-10-31
Created: 2025/10/31 06:42
Updated: 2025/12/07 23:02
Last Read: 2025/10/31 08:02