(Reuters) – Workplace app Asana Inc said on Monday it had confidentially filed paperwork with the U.S. Securities and Exchange Commission to go public, indicating it would opt for a direct listing instead of a traditional initial public offering.
Asana would be the latest to pursue a direct listing, made popular by music streaming business Spotify Technology SA (SPOT.N) and workplace messaging firm Slack Technologies Inc (WORK.N).
A person familiar with the matter confirmed to Reuters that Asana is pursuing a direct listing.
Founded in 2008 by Facebook Inc (FB.O) co-founder Dustin Moskovitz and ex-Google-and-Facebook engineer Justin Rosenstein, Asana was most recently valued at around $1.5 billion, according to data provider PitchBook.
The listing is expected to take place after the SEC completes its review, Asana said.
No new shares are created in a direct public listing and it helps companies save millions in underwriting fees and also does not dilute the ownership…
Source Reuters Tech News
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