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The market Asana serves is “somewhat commoditized,” according to Bernstein analyst Zach Chrane.


Gabby Jones/Bloomberg

If you were thinking of buying shares of

Asana,

the project-management software company that just came public via a direct listing on the New York Stock Exchange, you might want to think again.

Bernstein analyst Zach Chrane picked up coverage of Asana (ticker: ASAN) late Thursday with an Underperform rating and $19 target price. The company opened for trading last week at $27, after the NYSE set a reference price” on the stock of $21. Near midday on Friday, the stock was off about 1% to $26.27.

Chrane’s assessment is that there’s nothing all that special about Asana’s software. The company declined to comment on the report.

“Asana provides a project management SaaS [software as a service] solution for relatively basic functions, in a market that is somewhat commoditized, in which we

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Some of the names highlighted in this report are the ones whose services all of us use in our day to day life – Flipkart, Paytm, Byjus, PhonePe, Zomato, Policybazaar, Delhivery, Big Basket. Bernstein says these companies may well go for IPOs in 2021 and beyond.

These companies have significant market share in their respective industry and they have thrived extremely well during tough situations in Indian market. As we have seen in the past few months, many new companies have got listed in Indian market and their IPOs were highly oversubscribed in the retail category too. Also, the majority of these IPOs did reward investors with extremely high returns which makes them all the more attractive. 

Now, retail investors can monitor these companies in internet space extremely closely as they have a humongous growth potential in India and can give excellent returns to investors.

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