Shares of Slack shot up more than 50% within moments of beginning trading on the public markets Thursday.
The workplace chap app listed shares via an unusual direct listing on Thursday, with existing shareholders bypassing the traditional IPO process and underwriters, to sell shares directly to the public. Slack’s stock was set to begin trading at a reference price of $26 a share, but quickly surged to $41,90.
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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)