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.