Slack's stock price ended up at $38.62Â a share on its first day on the market after reaching a high of $41.95 on a busy Thursday. Shares of the company began trading shortly after 9 a.m. PT on the New York Stock Exchange for $38.50 and saw an immediate jump in price to more than $40. Its reference price was $26Â under the ticker symbol WORK in a direct listing.
A direct listing is different from an IPO in that only existing shares owned by employees and investors are sold, without the involvement of underwriters. The reference price doesn't reflect the shares' offering price or opening public price but instead is a point of reference for investors. A designated market maker determines the price based on comparing the ranges of buy and sell orders.
Slack was reportedly valued at $7 billion in 2018, according to CNBC, and has more than 10 million daily active users. The chat platform, which filed confidential plans to go public with the US Securities and Exchange Commission in February, expects its annual revenue for this year to be between $590 million and $600 million.
Slack declined to comment.Â
Originally published June 19, 3:34 p.m. PT.
Update, June 20: Adds opening and closing price of Slack shares.