Asana Inc., a software "unicorn" started by a Facebook Inc. (FB) co-founder, formally announced its intention to list its shares on the public markets Monday afternoon, capping a wild day for software filings. Asana was at least the fifth software startup to announce its intention to go public Monday, following filings from Snowflake Inc ( )., Unity Software Inc ( )., Sumo Logic ( ) and Jfrog Ltd. Asana is taking a different route than the others with a direct listing, which fellow workplace-communications and -organization software company Slack Technologies Inc. (WORK)also employed to go public ( ). Asana was co-founded by Facebook co-founder Dustin Moskovitz 11 years ago, and he still runs the company as president, chief executive and chair and will maintain a voting majority with supervoting shares similar to the control wielded at Facebook by one of the other co-founders of that company, Mark Zuckerberg. Asana revenue nearly doubled in its 2020 fiscal year, which ended Jan. 31, rising to $142.6 million from $76.8 million. Net losses more than doubled, however, increasing to $118.6 million from $50.9 million in the 2019 fiscal year. The pattern held in the first three months of the current fiscal year, which ended April 31 -- revenue gained to $47.7 million from $28 million, while losses increased to $35.8 million from $15 million. Asana expects to list its shares on the New York Stock Exchange under a still-to-be-determined ticker symbol, and has enlisted Morgan Stanley, J.P. Morgan, Credit Suisse and Jefferies as financial advisers in the transaction, according to Monday's filing with the Securities and Exchange Commission ( ).
-Jeremy C. Owens; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 24, 2020 17:44 ET (21:44 GMT)
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