Slack IPO Opens At $38.50 Per Share

Slack Technologies WORK made its public debut Thursday by listing its shares on the New York Stock Exchange through a direct listing. Slack stock opened at $38.50 compared to its reference point of $26 per share. The company is trading under the ticker WORK.

Slack is the provider of a cloud-based workplace messaging app, launched its product in 2013. The company expects full-year fiscal 2020 sales to be between $590 million and $600 million. The middle of this range would represent revenue growth of 50%.

A direct listing like the one Slack planned has a few benefits, such as not having to pay a fee to underwriters.

The stock traded around $38.77 per share at time of publication.

Related Links:

Slack Sets IPO Reference Point At $26 Per Share

Slack's Direct Listing: The Pros And Cons

Photo courtesy of Slack.