San Francisco-based productivity application maker Asana Inc., led by Facebook Inc. co-founder Dustin Moskovitz, is considering the direct listing route for going public in 2020, the Financial Times of London reported, citing people briefed on the matter.

Direct listing is becoming popular among venture capitalists following successful use of the procedure by Swedish music-streaming company Spotify Technology SA and business tech software platform Slack Technologies Inc. San Francisco-based food delivery platform DoorDash Inc. and home-share platform Airbnb Inc. are also considering direct listings.

Unlike IPO, a direct listing does not involve issuing new shares and allows companies to list on a U.S. stock exchange by only making existing shares available, cutting costs and caveats of going public the traditional way.

As per S&P Global Market Intelligence data, Asana was most recently valued at $1.32 billion after raising $43.9 million in a series E round in November 2018.

The business technology platform may raise additional funds with a private share sale ahead of the listing, a source told the FT.

Morgan Stanley and JPMorgan Chase were hired as advisers, two people briefed on the matter reportedly said.

The company may still choose the IPO route, the people reportedly said.

An Asana representative reportedly declined to comment on the matter.