Slack Debuts on NYSE With Strong Volume in Direct Listing
Slack bypasses a traditional IPO and successfully goes public via a direct listing, opening with unexpectedly high trading volume and steady stock prices.
Slack officially becomes a public company on the New York Stock Exchange under the ticker "WORK," opting for a direct listing instead of a traditional initial public offering. The workplace messaging company opens at $38.50 per share, surges over 57% at the start of trading, and remains in the $40s before closing just above $38 on its first day.
The trading debut features unexpectedly strong volume, with about 40 million shares changing hands at the open compared to the expected 10 to 15 million. Market makers note that buyers show strong interest at high price points right from the start, and ample sellers match this demand to create a healthy market dynamic.
Experts view the steady, flat performance of the stock throughout the day as a major victory for the direct listing model. The successful debut alleviates concerns about supply and demand imbalances that typically worry market makers during this type of public offering, potentially paving the way for other tech companies to follow Slack's lead.