Shares of Slack Technologies Inc surged 50 percent in their debut through a dire...
Traders work on the floor during the Slack Technologies Inc. IPO at the New York Stock Exchange in New York, U.S. June 20, 2019. REUTERS/Brendan McDermid
- Shares of Slack Technologies Inc surged 50 percent in their debut through a direct listing on Thursday, giving the workplace messaging app owner a valuation of about $23 billion. The stock opened at $38.50, nearly 48% above a reference price of $26 set by the New York Stock Exchange on Wednesday. Slack is the second high-profile technology company after Spotify Technology SA to opt for a direct listing over a traditional IPO.
The direct listing could further pave the way for companies looking to go public without the aid of Wall Street underwriters, who charge millions of dollars in fees.
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