The Slack's Stock Pops And Makes CEO A Billionaire In Unusual Market Debut:
- Shares of the work-messaging company—trading under the aptly-named ticker symbol WORK—opened at $38.50, propelling it to a valuation of $23.2 billion, according to the Wall Street Journal.
- The opening price is a sizable 48% jump on the $26 per share reference price set Wednesday afternoon. The reference price is different from the offering price seen in traditional initial public offerings.
- From February 1 to May 30, Slack reported in a prospectus to the SEC that its stocks traded privately at a volume-weighted average price per share of $26.38.
- In its entrance on the New York Stock Exchange, Slack became only the second large company, after music streaming giant Spotify, to carry out a direct listing instead of an IPO.
- With no new shares, Slack isn’t raising any funds, the company has nearly $800 million in cash, per its most recent filing to the SEC.
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