IPO: Slack App Office hitting the New York Stock Exchange | 6/20/19


NEW YORK – (DPA-AFX) – Investors tore up shares of the Slack office's communications service at its debut on the New York Stock Exchange. The stock soared to the start of talks on Thursday at about 50% in the air and opened at $ 38.5. The reference price had been set at $ 26 the night before. The papers were listed under the acronym "WORK" on the New York Stock Exchange.

Slack has chosen the path of a direct placement during the IPO, where the securities are listed unattended by investment banks. This saves fees, but is considered more risky as banks fail as intermediaries and price stabilizers. By 2018, the Spotify music service had already opted for the unusual procedure.

In the last round of funding in August, Slack was valued at $ 7 billion, according to US media. Before the stock market debut, it was almost 16 billion dollars. In the first quarter, Slack's revenue increased 67% from a year earlier to $ 134.8 million, but had an operating loss of $ 38.4 million.

The clearance is used daily by about ten million employees of various companies. More than 85,000 companies are paying customers. At the same time, Microsoft, Google (Alphabet C (ex Google)) and Facebook offer competing products. Since the beginning of 2013, the clearance has been in accordance with media reports, about one billion dollars with donors./hbr/DP/he


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