World-known San Francisco-based work messaging firm Slack is going public Thursday under the ticker symbol WORK.
However, the firm decided to go public without a traditional IPO to bypass the closed-door process of raising capital from private investors, CNBC reports. In an interview with CNBC, Slack CEO Stewart Butterfield said that some early institutional investors take huge positions on day one. That kind of strategy, according to Butterfield, is not certainly the motivator.
"One of the hopes for a company like us is that there’s not too much volatility. And we are hoping that this model, where there’s many sellers and many buyers – supply and demand – we reach a market-clearing price a lot earlier," Butterfield highlighted.
Amid the news of listing, Slack's shares see a big move with 50% up to $38.79 surge in the first day of trading.
Back in 2017, Slack Technologies Inc. raised a quarter of a billion dollars from investors led by SoftBank Group Corp.’s Vision Fund.
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