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Vancouver-founded Slack Goes Public on NYSE in Spectacular 'Direct Listing', Company Now Valued at More Than $20 Billion
Friday, June 21, 2019Company Profile | Follow Company
San Francisco (& Vancouver, BC), CA, June 21, 2019--(T-Net)--Slack Technologies, developers of a popular work messaging service (with major development offices in the Yaletown area of Vancouver), went public yesterday with a "direct listing" on the New York Stock Exchange (ticker symbol "WORK").
The company's shares soared over 60% in early trading Thursday, debuting at $38.50 (well over the $26 target price), and then rose an additional 8.4% further, valuing the company at well over $20 billion US.
Slack went public with a rare 'direct listing' (similar to Spotify's recent debut), where the company does not issue new shares or raise capital - its stock simply begins trading. This method of becoming a public company was usually limited to smaller companies until Spotify went public in 2017 with a direct listing.
Slack's direct listing was led by Goldman Sachs, along with Morgan Stanley and Allen & Co.
Slack was reportedly not in need to raise new capital with its public listing. The company reported cash and cash equivalents of $841 million in its most recent fiscal year.
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Editor's Note: Slack has major offices in the Yaletown area of Vancouver, BC
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Stewart Butterfield, Slack CEO and co-founder. Butterfield, who was born in BC, was also a Co-Founder of Flickr, a photo sharing platform that also began in Vancouver (and later sold to Yahoo).
About Slack
Slack is a collaboration hub for teamwork, where the right people are always kept in the loop and key information is always at their fingertips. Work in Slack happens in channels, so all the right people can be included, all relevant information kept in one place, and new team members are able to get up to speed easily. With Slack, teams are better connected.
Based in San Francisco, and with offices in Vancouver, Slack has raised millions from some of the world's best recognized investors including Accel, Andreessen Horowitz, Social+Capital, KPCB, Google Ventures, Horizons Ventures, IVP, Spark, DST, and Index.
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