Asana's reference price is set at $21.00 ahead of its direct listing on Wednesday, according to the New York Stock Exchange.
At that price, the work collaboration unicorn would command a fully diluted market value of $3.9 billion.
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The San Francisco, CA-based company plans to list on the NYSE on Wednesday under the symbol ASAN. The NYSE reference price does not reflect an offering price, or the opening price for Asana's shares on Wednesday. Instead, the opening public price will be determined by the designated market maker, using buy and sell orders collected by the NYSE from broker-dealers.
Asana and Palantir (PLTR; also listing Wednesday) are the third and fourth major direct listings, following Slack (WORK) in June 2019 and Spotify (SPOT) in April 2018.
The Registered Stockholders, which represent major existing shareholders including management, have registered to sell up to 30 million shares; however, more shares are eligible to be sold on the first day of trading. Unlike a traditional IPO, there is no share lock-up.
Asana was founded in 2008 and booked $181 million in sales for the 12 months ended July 31, 2020. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Morgan Stanley, J.P. Morgan, Credit Suisse, and Jefferies serve as financial advisors.
