Software Company Asana Files for Direct Listing

Asana, a San Francisco-based company that builds software to help teams collaborate on group projects, on Monday filed paperwork to launch its IPO through a direct listing.

The action came six months after the company filed draft paperwork with the Securities and Exchange Commission. The direct listing, by which existing investors in a private company can sell their stake on a stock exchange to the general public, will circumvent the investment banks, resembling the actions of Spotify during its 2018 IPO. The company announced that shares will trade on the New York Stock Exchange, though it has not yet announced the stock symbol.

Asana will issue two classes of shares. The Class A shares will trade publicly and have one vote. Top executives will hold Class B shares, which will each have a value of 10 votes.

Source Fool.com