Date created : 20/06/2019 – 18:48 New York (AFP) Software company Slack Technologies climbed on the New York Stock Exchange Thursday after entering in a direct listing in the latest sign of Wall Street’s appetite for new technology entrants.Shares of the company, whose arrival was marked with a giant purple banner outside the NYSE, initially surged as high as $42 but were at $40.75 near 1635 GMT. The exchange had set a reference price of $26.The company is expected to have a market capitalization above $20 billion, and will trade under the ticker “WORK.””We just see an enormous opportunity,” chief executive co-founder Stewart Butterfield told CNBC Thursday shortly before ringing the opening bell of the NYSE. Slack — the happy byproduct of a failed video-game initiative by Butterfield and colleagues — is not raising capital with the issuance. But Butterfield said that entering public markets positions the company to raise funds for growth programs down the road.Known for its workplace messaging and information sharing program, Slack joins the growing class of 2019 as far as prominent companies going public, a group that already includes Uber, Levi’s and Beyond Meat.Yet Slack’s decision to forgo an initial public offering distinguishes it from… Read full this story
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