Travel software company Navan saw a weak debut as a publicly traded firm, with shares plunging 20 percent on their first day of trading, capping a turbulent journey that included surviving the pandemic, undergoing a rebrand, and navigating a U.S. government shutdown.

Despite the disappointing start, some of Navan’s earliest backers walked away with significant paper gains. Investor Oren Zeev and his affiliated funds, which began investing in the company’s seed round in 2015 and ultimately committed about 150 million dollars, held roughly a 1 billion dollar stake at the time of the initial public offering, according to a person with direct knowledge of the investment.