Analysis

Palantir, Asana Debuts Build Momentum For Direct Listings

Law360 (September 30, 2020, 9:10 PM EDT) -- Shares of data miner Palantir and corporate software firm Asana traded strongly Wednesday as both companies went public via direct listing rather than a traditional initial public offering, bolstering the viability of this alternate route to public markets for select companies.

Both Palantir Technologies Inc. and Asana Inc. directly listed their shares on the New York Stock Exchange without selling new shares as with a conventional IPO. Before Wednesday, Spotify and Slack were the only two large private companies to go public through this path.

"Today confirmed that it is a viable path," Jeffrey Karpf of Cleary Gottlieb Steen & Hamilton...

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