(Bloomberg) -- Slack Technologies Inc. shares rose as much as 4.2% on Friday in their second day of trading.
The maker of software for workers to chat and collaborate on projects traded as high as $40.25 in New York. In Thursday’s debut, the stock opened at $38.50, well above the reference price of $26.
Slack shunned the traditional initial public offering route, and instead directly listed its shares on the New York Stock Exchange, allowing shareholders to sell right away without a lockup period. The company chose not to have a traditional IPO for a pragmatic reason: It didn’t need the cash, Slack Chief Executive Officer Stewart Butterfield said Thursday.
Bloomberg Beta, the venture capital arm of Bloomberg LP, is an investor in Slack.
(Updates shares in first two paragraphs.)
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https://finance.yahoo.com/news/slack-technologies-extends-gain-49-110421990.html
2019-06-21 13:49:00Z
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