Slack's public listing will see it trade on New York Stock Exchange, which set a reference price of $26 per share
In this file photo taken on April 24, 2019, an attendee walks by the company’s logo during Slack’s Frontiers conference at Pier 27 & 29 on April 24, 2019 in San Francisco, California.
"We think the jury is out on whether this is the right move or not," said Kathleen Smith, a principal and manager of IPO ETFs at Renaissance Capital. "Looking at Spotify, it takes a little time for the stock to get established after a direct listing." Slack's direct listing could have implications for other large technology companies such as Airbnb, which is considering going public through a similar approach, a person familiar with the matter said.The New York Stock Exchange on Wednesday set a reference price of $26 per share, indicating a value of around $16 billion. The reference price is not a trading price but is used in the process of building a book of orders.
More than a year after going public, Spotify's stock is trading around 15 percent below where it debuted as the music-streaming company sacrifices profit margins to generate growth.
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