AFP: Slack Technologies rises in Wall Street debut21 June 2019 | 01:15 | FOCUS News Agency
Shares of the company, whose arrival was marked with a giant purple banner outside the NYSE, initially surged as high as $42 before pulling back somewhat and finishing at $38.62. The exchange had set a reference price of $26.
That left the company, which trades under the ticker of "WORK," with a market capitalization of around $20 billion.
"We just see an enormous opportunity," chief executive and co-founder Stewart Butterfield told CNBC Thursday shortly before ringing the opening bell of the NYSE.
Slack -- the happy byproduct of a failed video-game initiative by Butterfield and colleagues -- is not raising capital with the issuance. But Butterfield said that entering public markets positions the company to raise funds for growth programs down the road.
Known for its workplace messaging and information sharing program, Slack joins the growing class of 2019 as far as prominent companies going public, a group that already includes Uber, Levi's and Beyond Meat.
Yet Slack's decision to forgo an initial public offering distinguishes it from the crowd and could be a precursor of more such issues, according to some experts.
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