HomeTechnology NewsSlack surges 50% in unusual listing, grabs $23 billion valuation

Slack surges 50% in unusual listing, grabs $23 billion valuation

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.

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By Reuters June 21, 2019, 10:21:19 PM IST (Updated)

Slack surges 50% in unusual listing, grabs $23 billion valuation
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 percent 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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