Software Company Slack debuted on the New York Stock Exchange up 48% at $38.50 per share after reports emerged Wednesday night that the business had agreed to a reference price of $26 per share. Slack’s IPO is using an unusual approach known as a direct listing. In such cases, a company doesn’t hire underwriters or sell new shares to raise money; it simply lists existing shares
That left the company, which trades under the ticker of “WORK,” with a market capitalization of around $20 billion. “We just see an enormous opportunity,” chief executive and co-founder Stewart Butterfield told CNBC Thursday shortly before ringing the opening bell of the NYSE.
Known for its workplace messaging and information sharing program, Slack joins the growing class of 2019 as far as prominent companies going public, a group that already includes Uber, Levi’s and Beyond Meat. Slack has described its mission as replacing email in a company, allowing work teams to share information through work projects that can be organised in channels that consist of files, photos and employee chats.
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20 September, 2019