Workplace app Asana files to go public, may opt for direct listing
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[NEW YORK] San Francisco-based workplace app Asana Inc said on Monday it had confidentially filed paperwork with the US Securities and Exchange Commission (SEC) to go public, indicating it would opt for a direct listing instead of a traditional initial public offering.
Asana would be the latest to pursue a direct listing, made popular by music streaming business Spotify Technology and workplace messaging firm Slack Technologies.
A person familiar with the matter confirmed to Reuters that Asana is pursuing a direct listing.
Founded in 2008 by Facebook Inc co-founder Dustin Moskovitz and ex-Google-and-Facebook engineer Justin Rosenstein, Asana was most recently valued at around US$1.5 billion, according to data provider PitchBook.
The listing is expected to take place after the SEC completes its review, Asana said.
No new shares are created in a direct public listing and it helps companies save millions in underwriting fees and also does not dilute the ownership stakes of existing investors.
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Venture capitalists (VC) have backed direct listings as it avoids restrictions on stock sales by insiders, which often includes VCs.
REUTERS
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