Shares of Asana  (ASAN) – Get Report rose Wednesday in their first day of trading for the collaboration-software company after its direct listing on the New York Stock Exchange.

The San Francisco company’s co-founder and chief executive is Dustin Moskovitz, who also a co-founder of Facebook.  (FB) – Get Report

Asana recently traded at $28.49 on the NYSE, up 36% from its reference price of $21. The stock opened at $27.

In a direct listing a company and its current holders sell shares to the public. New shares are not created and no underwriters are involved.

Asana’s IPO was overshadowed by Palantir  (PLTR) – Get Report, a provider of data-analytics software to the government. Backed by venture capital icon Peter Thiel, Palantir also went public Wednesday with a direct listing on the NYSE.

Asana, started up in 2008, has 910 employees and produces software that competes with Atlassian’s TEAM Trello.

“We have experienced rapid growth in recent periods,” Asana said in its prospectus. Revenue registered $76.8 million and $142.6 million for fiscal 2019 and fiscal 2020, respectively, representing growth of 86%.”

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