Workplace messaging firm Slack is about to go public in a red-hot IPO market, but it's approach to going public--using a 'direct listing'--is slightly different than an IPO.
The Slack Technologies application is displayed on an Apple iPhone in an arranged photograph taken in Arlington, Virginia on Monday, April 29, 2019.Workplace-messaging firm Slack is about to go public in a red-hot IPO market, but it's approach to going public — using a "direct listing" — is slightly different than an IPO.went public using the same method.
There was effectively no lock-up period. The fear was that insiders would dump the stock en masse on the first day, leading to chaos.Neither concern proved to be a major issue. Instead of an initial price that underwriters set to sell stock, Spotify and its advisors set a "reference price" of $132 that was roughly based on recent private trades. Spotify opened at $165.90 and closed at $149 on its first day of trading, up about 12 percent.
, a basket of roughly the last 60 large IPOs, estimates that 283 million of the 599 million shares outstanding will be available to trade .
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Slack IPO Reference Price Set at $26 a ShareSlack Technologies Inc. is set to make its trading debut Thursday on the New York Stock Exchange at a valuation of about $15.7 billion, the second major company to go public through a so-called direct listing.
Read more »
Slack reference price set at $26 for non-IPOSlack Technologies Inc. shares will have a reference price of $26, and are expected to begin trading Thursday morning on the exchange. Slack is listing its...
Read more »
Factbox: What is Slack?Slack Technologies Inc, whose instant messaging app has taken workplaces by stor...
Read more »
Cramer: Slack could go on a run when it debuts — stay disciplined about the stock'If you can get it below that, great. If not, keep your bat on your shoulder. This is a great story, but we need to stay disciplined,' Jim Cramer says.
Read more »
Here are the biggest analyst calls of the day: Slack, American Express, TripAdvisor & moreHere are the biggest calls on Wall Street on Wednesday
Read more »
Slack reference price set at $26 per share: NYSEThe Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.
Read more »