Asana Stock Soars 35% on Its IPO
Asana (NYSE: ASAN), a specialist in workplace collaboration and planning software, debuted on the public markets on Wednesday, initially soaring more than 40% from its reference price of $21 set by the New York Stock Exchange.
Investors scooped up the stock in a theme that has played out repeatedly in recent months, especially when it comes to software-as-a-service (SaaS) and cloud computing stocks, with many jumping out of the gate following their debut and far surpassing their list price. Asana shares began trading at approximately 12:34 p.m. EDT today, surging as much as 40% in the minutes after their debut. As of this writing, the stock is up 35% to about $28.35, for an implied valuation of roughly $4.2 billion.
Image source: Getty Images.
Source Fool.com
