shares ended their first day of trading at $29.96, their higher level of the day. The stock had opened at $27, above the $21 “reference price” announced by the New York Stock Exchange last night for the company’s direct listing. The stock traded 40.4 million shares, just over a quarter of total shares outstanding.
With about 154 million shares outstanding, San Francisco-based Asana (ticker: ASAN) at the close had a market capitalization of about $4.6 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