Slack went public today in a direct listing. Is now the best time to buy? 4 experts weigh in.
In a direct listing, unlike an IPO, banks do not underwrite the offering, and no new shares are sold, so the company does not receive any additional money for operations. It's simply a way for existing shareholders to get liquidity by registering their shares for sale on the public market. Plus, Slack doesn't need to raise more money since it already has more than $800 million in cash on hand.
While banks typically help determine pricing in an IPO, the NYSE set the reference price for Slack of $26 Wednesday night. The opening price for Slack's Class A common stock was determined by the buy and sell orders collected by the NYSE from broker-dealers, according to Slack'sLike many tech companies, Slack debuted with a dual-class structure, with Class B shares holding 10 votes per share to consolidate voting power among its top shareholders. According to Slack's prospectus, Accel is the company's largest shareholder at 24%, followed by Andreessen Horowitz with a 13.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
50 Ridiculously Cute Things You Can Get at Nordstrom For Under $50 This WeekClothes, shoes, accessories, bags, and more.
Read more »
Slack IPO Reference Price Set at $26 a ShareSlack Technologies Inc. is set to make its trading debut Thursday on the New York Stock Exchange at a valuation of about $15.7 billion, the second major company to go public through a so-called direct listing.
Read more »
Three Words I'm Not Going to Say as a Confident Woman Over 50Three words I'm not going to say as a confident woman over 50. Building self confidence for women at any age is a learning process. What are those 3 words?
Read more »
https://people.com/Get the latest news about celebrities, royals, music, TV, and real people. Find exclusive content, including photos and videos, on PEOPLE.com.
Read more »
Everyone Congratulate the World’s 50 Best for Including Six Women on Its New, Longer Long ListWorld's 50 Best lengthens its long list and OMG six restaurants on it are run by women
Read more »