With all eyes on the IPOs of Palantir Technologies and Asana, Chindata Group Holdings is leading a trio of small technology startups that are making their market debuts.
Both Palantir, the data-analytics company backed by Peter Thiel, and Asana, a cloud software provider, are direct listings. These deals differ from traditional initial public offerings in that the investment bankers act more as financial advisors, rather than underwriters. Companies in a direct listing don’t create new shares or sell them to the public; they just begin trading.
Asana (ticker: ASAN) opened at $27 Wednesday, above its $21 reference price. Palantir set a reference price of $7.25 Tuesday., but hadn’t begin trading by early afternoon. Designated market makers typically use the reference price to help set the opening trade in a direct listing, according to the New York Stock Exchange said. Both Palantir and Asana are launching their IPOs