Asana Files for Direct Listing Amid Slew of Software IPOs (1)

Asana Inc., a corporate software maker started by a Facebook Inc. co-founder, filed to go public via a direct listing, disclosing a net loss that has more than doubled year over year along with growing revenue.

The San Francisco-based startup filed paperwork for the listing Monday. Unlike a traditional initial public offering, no new money is raised in a direct listing, which usually sees existing investors start selling their stock as soon as trading starts with no lockup period.

Asana reported a net loss of $36 million in the three months through April on revenue of $48 million. That ...