(Reuters) – Asana Inc
was valued at more than $4 billion in its New York Stock Exchange debut on Wednesday, after the workplace software maker went public through a direct listing rather than a traditional initial public offering.
Asana’s stock opened at $27 per share and closed at $28.80, up from a reference price of $21 per share set by the NYSE on Tuesday.
Prior to its public debut, Asana shares had traded in the private market at a weighted average price of $25.11 apiece in August.
The listing comes as the company’s software that supports corporate teams’ collaboration and organization is of particular value to customers during the COVD-19 pandemic, according to co-founder and Chief Executive Dustin Moskovitz.
“All these companies are moving to remote work for the first time, getting that clarity has become an ever more important business imperative. We’re well matched to the moment,” Moskovitz said