shares opened at $27, above the $21 “reference price” announced by the New York Stock Exchange last night for the company’s direct listing, and has since ticked above the $29 level.
With about 154 million shares outstanding, San Francisco-based Asana (ticker: ASAN) at the first trade had a market capitalization of about $4.2 billion. Asana provides cloud-based project management software. The company’s founder and CEO is Dustin Moskovitz, who also was a co-founder of Facebook.
Asana recently reported revenue for its fiscal second quarter ended July 31 of $52 million, up 57% year over year, with a non-GAAP (generally accepted accounting principles) loss of $13.7 million, or 34 cents a share.
For the third quarter, the company sees revenue of $53.5 million to $54.5 million, with a non-GAAP loss of 36 to 38 cents a share. For the January