Travel Software Firm Navan Plummets 20% After $923 Million IPO

Navan Inc. shares slumped 20% after the business travel and expense management software maker and some of its shareholders raised $923.1 million in an initial public offering.

Shares of the Palo Alto, California-based company closed at $20 each, below an IPO price of $25 apiece. The company and the selling shareholders marketed stock for $24 to $26 each.