NEW YORK (AP) — The Latest on Slack’s IPO (all times local):
Shares of work messaging platform Slack have begun trading on the New York Stock Exchange under the ticker “WORK.”
The San Francisco company’s shares opened trading at $38.50 and rose 4.4% in midday trading.
Slack’s initial public offering is using an unusual approach known as a direct listing. In such cases, a company doesn’t hire underwriters or sell new shares to raise money; it simply lists existing shares.
Slack aims to replace traditional work communication like email with its own messaging platform. Users start “channels,” or a group chat with a specific topic, rather than starting an email string about a subject.
Slack’s listing is the latest in several highly anticipated tech IPOs. Rideshare companies Uber and Lyft, video conferencing company Zoom Video Communications and digital scrapbooking site Pinterest have all gone public in recent weeks.
This item has been corrected to say that the Slack opening price was $38.50, not $38.25.