Slack stock is surging more than 50% on its first day trading in an unusual ‘direct listing’ (WORK)

 

Associated Press

• Shares of Slack began trading on Thursday more than 50% above the "reference price" it had set for its shares in an unusual "directly listing."
• The workplace chap app bypassed the traditional IPO processand underwriters and allowed existing shareholders sell their shares directly to the public.
• Slack’s was at $41.90 per share in early Thursday trading, compared to the $26 per share reference price.
• Read our full coverage of Slack’s market debut here. 

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See Also:

• The incredible story behind Slack, the app that’s taken over offices everywhere
• Slack’s unusual offering isn’t designed to have a first-day pop. Here’s why most IPOs still factor in a pop, even though they can cost startups billions.
• Slack’s $17 billion direct listing could be the IPO game-changer Silicon Valley has been waiting for. But others say it’s a techie delusion.

Source: Business Insider – aoreskovic@businessinsider.com (Alexei Oreskovic)