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Navan, the corporate travel and expense platform, finished its first day of trading on the Nasdaq on Thursday down 20% from its $25 IPO price, resulting in a valuation of approximately $4.7 billion for the 10-year-old company.
The company was the first to use a new SEC rule that allows public listings during a government shutdown.
Unlike the traditional IPO path, which requires SEC regulators to review and grant final approval, companies using the shutdown workaround can get automatic approval for their IPO documents 20 days after submitting…
