WORK - Palantir and Asana first direct listings of the year to debut tomorrow

Palantir Technologies (PLTR) and Asana (ASAN), the year’s first direct listings to debut tomorrow, with estimated market values at listing of more than $20B and $5B.Last year’s sole direct listing, Slack Technologies (WORK)  last closed up 5% from its reference price, while 2018 direct listing Spotify (SPOT) saw little action until soaring more than 100% in the 2Q as usage spiked during the pandemic.With the recent froth we have seen in the IPO market, Asana could open trading at a $6B-$7B valuation. At the midpoint of this valuation, the stock would be valued at 34x forward revenue, which would be among the highest valuations in the entire software industry, writes Beth Kindig in her article on Seeking Alpha.Target price of US$12 per share based on a 15x 2021 Price-to-Sales (P/S) multiple. Discounted Cash Flow model indicates US$19 per share possible if Palantir executes well, writes Invest to Retire on Seeking Alpha.Source

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Palantir and Asana, first direct listings of the year to debut tomorrow