Palantir's sign hangs from the front of the New York Stock Exchange today. Photo by Bloomberg
The Briefing

Palantir and Asana: Two Very Different Debuts: The Information’s Tech Briefing

Photo: Palantir's sign hangs from the front of the New York Stock Exchange today. Photo by Bloomberg

Palantir and Asana went public Wednesday, immediately doubling the number of high-profile tech companies that have joined the public market through direct listings of their shares, rather than via a traditional IPO. But that might be the only thing that the two companies had in common on their first day on the public market.

Asana shares opened above $28, around the highest level that they had traded on the private secondary market in recent weeks, and stayed there all day, closing at $28.80. Palantir shares went in the opposite direction: The stock traded as high as $11.34 at its opening, also near the highest point the stock had traded in the secondary market. But it quickly slipped from there and fell as low as $9.11 before closing at $9.50.

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