The official filing date for the Asana IPO is August 24, 2020, though they confidentially began the process back in February. The SEC has approved the draft registration paperwork and noted it on their website.
Asana has been a public company for over a year now. When a company launches an IPO, this means a company becomes public . When is Asana going public? Asana went public on September 30, 2020 . Its IPO was listed on the NYSE via a direct listing.
The Asana IPO is taking the form of a direct listing. This means they’re not using an underwriter nor creating new shares ; instead, existing shareholders will sell a certain portion of their ownership to the public based on secondary market valuation. Eventually, Asana will be listed on the New York Stock Exchange.
Asana filed its S-1 last week and is expected to list directly on the NYSE in late September. The company ranks at No. 17 in this year’s Forbes Cloud 100, the annual ranking of the world’s top private cloud-computing companies, up from No. 41 a year ago.
How will asana’s direct listing affect investors?
By going public through a direct listing, Asana will not raise any capital. Instead, existing shareholders, such as employees and VC investors, will begin selling their shares directly to the public when the stock begins trading. Asana isn’t the only company to pursue a direct listing this year, over the more traditional IPO route.
The benefit of the DPO is that shares can go to market faster, as the company is subject to fewer SEC requirements. It also means investors will get to pay market price for shares of Asana stock instead of the markup underwriters bake into normal IPOs.
Despite its incrementally increasing valuation, Asana had yet to report profitability as of the most recent fundraising round. The Asana IPO is news right now, but the process has been ongoing for months. Back in February of 2020, when the stock market hit its lowest since the Great Recession, the company began the SEC process in confidence.
How did asana go public?
Asana made its public debut through a direct listing with ticker ASAN. Based in San Francisco, Asana is a project management software company founded by ex-Facebookers.