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Trouble for Bankers? Slack’s Direct Offering Bests Uber’s IPO

Mayur Sontakke, CFA, FRM
Trouble for Bankers? Slack’s Direct Offering Bests Uber’s IPO

Slack (WORK) opened for trading on June 20 at around 12:00 ET. The stock opened at $38.25, 47% higher than the reference price of $26 set by the NYSE. At that price, the company is valued at over $23 billion.