The Slack technology, which develops instant messaging software for companies, took off on Thursday at the New York Stock Exchange at its opening on the stock market, where it closed the session with a rise of 49.54% and selling each of its titles by 38.70. Dollars.
The company based in San Francisco (California, USA) debuted on Wall Street a few minutes afternoon with the first price of $ 38.50, well above the price of $ 26 he set last night for his debut in the New York parquets, although at moments during the session it reached over 40 dollars.
With the closing price, the company achieves a market capitalization of 19,500 million dollars, above what analysts expected. Slack reaches the markets ten years after its founding in 2009 turned into a “unicorn” a company valued at 1,000 million dollars before its IPO and it does so through an unusual mechanism: direct quotation, just like Spotify did at the time.
With this way, the company puts the titles directly in the market without the intermediation of a bank and its price is decided by the law of supply and demand itself. In addition, the objective is not to capture liquidity, since new shares of the company are not taken out, but shareholders can put them on the market and negotiate with them.
According to the brochure for its debut on the stock market that is presented to the US Securities and Exchange Commission (SEC), Slack has more than ten million active users (the vast majority outside the United States) in more than 150 countries.
In its last fiscal year (closed on January 31), Slack lost 138.9 million dollars, two million fewer losses than in 2018, but doubled the turnover, since it received 400.5 million dollars (as of January 31). of 2018, were 220.5 million).
In the first quarter of this year, its turnover rose 67% year-on-year, reaching 134.8 million dollars. The net losses totaled 31.8 million.
Slack comes to the markets in the wake of other “unicorns” such as Lyft or Uber, although their resounding stock market premieres rather than example represented a fear for the technology.
Lyft debuted with big gains in March, although on its second trading day it began to fall and since then it has not exceeded its starting price. Uber, on the other hand, set a price of $ 45 per share for its debut and debuted below, without having been able to close any session above the mark.
Slack aspires to have a better track record on the stock exchange and its CEO, Stewart Butterfield, predicts that seven years from now, the email to communicate within the companies as we know it will have disappeared.
“Everyone will choose this,” Butterfield said in reference to Slack’s service during an interview with CNBC, which allows more direct and quick communication between employees and is also used as a method of teleworking.
The company, which risked using the direct quotation method, did “really well” in its first session, considered the partner of the consulting firm Goodwin Procter Rick Kline., affirming next that this can suppose “an interesting alternative” to the classic public operations of sale with which the companies appear in the markets.