Orrick Advises Asana on Direct Listing on NYSE

Orrick has advised San Francisco-based workplace management company Asana on its direct listing on the New York Stock Exchange – making it only the third major tech company to go public through a direct listing (with another listing the same day). The shares began trading under the ticker symbol “ASAN” on September 30, 2020. 

Unlike in a traditional initial public offering, Asana did not offer any new shares, and there were no underwriters. Morgan Stanley, J.P. Morgan, Credit Suisse and Jefferies acted as financial advisors to Asana. 

Stephen Venuto, Bill Hughes and Niki Fang led the Orrick team, which included associates Brandon Sanders and Mark Nguyen, among others, and paralegals Nanette Agustines and Jo Cua. Orrick has advised Asana since its founding in 2008.