asana (ASAN) Direct Listing IPO Opens 29% Higher

Today's direct listing IPO for asana (NYSE: ASAN) opened for trading at $27 after a $21 initial reference price,

As of September 28, 2020, there are 74,059,540 shares of Class A common stock outstanding and 80,550,739 shares of Class B common stock outstanding. Only shares of Class A common stock will be listed for trading on the New York Stock Exchange. Each outstanding share of Class B common stock is convertible, at any time, at the option of the holder, into one share of Class A common stock.

Asana is a work management platform that helps teams orchestrate work, from daily tasks to cross-functional strategic initiatives. Over 82,000 paying customers use Asana to manage everything from product launches to marketing campaigns to organization-wide goal setting. The company's platform adds structure to unstructured work, creating clarity, transparency, and accountability to everyone within an organization—individuals, team leads, and executives—so they understand exactly who is doing what, by when.

Revenues were $76.8 million and $142.6 million for fiscal 2019 and fiscal 2020, respectively, representing growth of 86%. Revenues were $61.1 million and $99.7 million for the six months ended July 31, 2019 and 2020, respectively. They had a net loss of $50.9 million and $118.6 million for fiscal 2019 and fiscal 2020, respectively, and $30.5 million and $76.9 million for the six months ended July 31, 2019 and 2020, respectively.

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