Special Offer: Subscribe now for a free ticket ($499 value) to The Future of Startups. Redeem Now
An Asana sign at the New York Stock Exchange when the company went public last week. Photo by Bloomberg.
The Briefing

What Palantir and Asana Mean for Direct Listings: The Information’s Tech Briefing

Photo: An Asana sign at the New York Stock Exchange when the company went public last week. Photo by Bloomberg.

Stocks enjoyed a robust rally on Monday—except for the two newest stocks to go public via direct listing, Palantir and Asana. For the fourth consecutive day, both stocks lost ground. Palantir is now down 5% from its close last Wednesday, while Asana is down 13%. Both are down much more from their highs on their opening day.

The weak performance of the two stocks isn’t a ringing endorsement of direct listings, at least for enterprise companies that aren’t household names. Because direct listings don’t involve the kind of marketing that occurs in an IPO, companies with high-profile brands have been seen as better candidates to go the direct listing route to the public market. There were hopes that Palantir and Asana could break the mold: The evidence suggests so far they couldn’t.

Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Latest Articles
 
Exclusive Entertainment
Samsung’s Peacock Standoff with NBCUniversal Shows Power of TV Makers
Samsung’s Peacock Standoff with NBCUniversal Shows Power of TV Makers
As streaming TV becomes the default viewing option for Americans, the makers of streaming devices are taking the place of cable operators as gatekeepers, deciding what streaming services will be available to viewers. Increasingly the gatekeepers include not only Roku and Amazon but smart TV makers such as Samsung. NBCUniversal is learning that the hard way as it battles to get its Peacock...
Latest Briefs
 
ByteDance Rival Kuaishou Gets Approval to Raise as Much as $6 Billion in Hong Kong IPO
Chinese Smartphone Xiaomi Unexpectedly Added to U.S. Blacklist
Playtika Prices IPO at $27
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
How Blocking Trump Puts the Future of the Internet at Risk
Modest Proposals Policy Facebook
How Blocking Trump Puts the Future of the Internet at Risk
The move by social networks to deplatform President Trump last week was the right call. In reality, he left Facebook and Twitter no other choice.
Let’s Not Celebrate the Platforms for Kicking Trump Off
Opinion Facebook
Let’s Not Celebrate the Platforms for Kicking Trump Off
Calling for violence on social media is OK and spreading disinformation is fine, especially if you’re the president of the United States.
The Information’s Return to the Office Tracker
Startups COVID-19
The Information’s Return to the Office Tracker
Of the companies most opposed to continuing remote work after the pandemic fades, Netflix stands out for the intensity of its stance.
Can Mayor Francis Suarez Bring Silicon Valley to Miami?
Can Mayor Francis Suarez Bring Silicon Valley to Miami?
Rumors about who might be moving to Miami to escape the supposed decline of the San Francisco Bay Area are spreading faster than the VC funding buzz around hot tech startups.
Sequoia Buys Shares in Elusive Startup Zapier at Multibillion-Dollar Valuation
Exclusive
Sequoia Buys Shares in Elusive Startup Zapier at Multibillion-Dollar Valuation
Zapier isn’t a household name outside Silicon Valley, but the world’s top venture capitalists have long been trying to own a piece of the booming enterprise software firm.
Following Trump Ban, Facebook Tells Employees to Avoid Wearing Company-Branded Apparel
Exclusive Facebook
Following Trump Ban, Facebook Tells Employees to Avoid Wearing Company-Branded Apparel
Facebook on Monday told employees to avoid wearing or carrying company-branded clothing and other items in public following the company’s suspension last week of President Donald Trump’s account and its more recent crackdown on content mentioning “Stop the Steal,” an online movement that falsely claimed the presidential election results had been corrupted.