- Oct 09, 2019
Slack sees market value surpass $ 23 billion in stock market debut
- Jun 24, 2019
- 303 views
In its stock market debut, Slack saw its shares rise nearly 50% on Thursday, 20/6, which raised the company's market value above $ 23 billion. The information is from Reuters.
According to the news agency, shares of the corporate communications platform closed being sold for $ 38.62 each on the New York Stock Exchange, compared to the entry price of $ 26.
"They will have to do a lot to make the fundamentals of the company justify such valuations," Renaissance Capital IPO manager Kathleen Smith told Reuters in an interview. 50 times higher than its revenue.
As the agency points out, this successful debut of Slack in the stock market happens after two big technology companies, Uber and Lyft, record disappointing beginnings in their IPOs.
It is worth noting that Slack has chosen a different method than a traditional IPO, called a direct listing, the same one used by the streaming platform Spotify on its entry into the stock market last year.