Market Overview

Facebook Co-Founder's Asana Files To Go Public Via Direct Listing

Facebook Co-Founder's Asana Files To Go Public Via Direct Listing

Workplace management application Asana has filed their S-1 form with the United States Securities and Exchange Commission as it seeks to go public, the company announced Monday.

Asana will go public via a direct listing, a company spokesperson told Bloomberg.

This means that the company will not create any new shares and instead rely on selling the existing shares held by investors, founders, employees, and others directly to the market.

Some of the other companies that have preferred direct listing over the traditional initial public offering have included music streaming company Spotify Technologies S.A. (NYSE: SPOT) and fellow workspace platform developer Slack Technologies Inc. (NYSE: WORK).

The New York Stock Exchange in November last year filed a new proposal with the S.E.C. that aims to make a direct listing more accessible to companies.

Asana was founded by Facebook Inc. (NASDAQ: FB) co-founder Dustin Moskovitz and former Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG) employee Justin Rosenstein in 2008.

Photo Credit: Asana Blog


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