Travel tech firm Navan set for Nasdaq debut after $923 million US IPO
The Securities and Exchange Commission later eased restrictions, allowing companies to proceed with listings during the shutdown, prompting firms such as Navan to capitalize on a record run in the equity markets and a renewal in investor risk appetite. "The IPO market has been a bit wobbly over the past month or so; we've definitely lost some momentum since the start of the quarter," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. Navan and some of its existing investors together sold 36.92 million shares after pricing the offering at $25 each, the mid-point of its marketed range of between $24 and $26 per share.
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