Investing.com -- Asana opened at $27 in its direct listing on the New York Stock Exchange, which had set a reference price of $21.
The workplace management software firm's founders include Facebook (NASDAQ:FB) co-founder Dustin Moskovitz. Asana has registered 30 million shares.
On a fully diluted basis and based on the $21 reference price, Asana would have a valuation of about $4 billion.
The company isn’t issuing new shares or raising capital as it would in a traditional initial public offering. The reference price is based on earlier secondary trading and acts as a guide to investors, Bloomberg said.
Peer Palantir Technologies is also expected to begin trading shortly.