A parade of initial public offerings (IPOs) from Silicon Valleythis year has garnered a mixed reception from investors. SlackTechnologies Inc. took a different route on Thursday, and saw itsshares soar as it went public without an IPO.
Slack opened at $38.50 on the New York Stock Exchange Thursday,well above the reference price of $26 that was set for the sharesin the direct listing. The stock closed at $38.62, giving thecompany a market value of $19.5 billion.
That's a huge increase from Slack's last private funding roundin August, which valued the company at $7.1 billion. Thursday'sdebut makes Slack the second-most valuable technology company toreach U.S. markets this year, topped only by Uber TechnologiesInc.'s $75 billion value and bypassing Lyft Inc. at $18billion.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
