Deals

Slack Tops $19 Billion Value in Trading Debut After Shunning IPO

Shares close at $38.62 after climbing as high as $42 apiece
Messaging app valued at $7.1 billion in last private round

Slack CEO Stewart Butterfield and CFO Allen Shim speak with Bloomberg’s Emily Chang from the NYSE.(Source: Bloomberg)

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By Ellen Huet

June 20, 2019 at 3:02 PM UTC

Updated on

June 20, 2019 at 9:59 PM UTC

This article is for subscribers only.

A parade of initial public offerings from Silicon Valley this year has garnered a mixed reception from investors. Slack Technologies Inc. took a different route on Thursday, and saw its shares soar as it went public without an IPO.

Slack opened at $38.50 on the New York Stock Exchange Thursday, well above the reference price of $26 that was set for the shares in the direct listing. The stock closed at $38.62, giving the company a market value of $19.5 billion.