Slack to go public today
By the time you’re reading this, Slack (WORK) shares might already be trading on the NYSE. At 11:19 AM ET on June 20, Yahoo Finance reported that Slack stock could open between $35.5 and $36.5. The amount is considerably higher than the $26 reference price set by the NYSE. If Slack opens at that price, it could value the company higher than $22 billion. As a result, Slack’s first day might look more like Fiverr’s first day than Uber’s.
Earlier on June 20, we discussed how Accel and other companies are making billions from the direct public offering. The stock opening at $35.5 will add a few more billion to early investors’ wealth.
S&P 500 hit a record high
Slack choose a good day to go public. After the Fed’s dovish stance on June 19, global indexes seem to be on a roll. Chinese indexes reached and eight-week high, while Indian indexes also joined the party. The S&P 500 hit the all-time high of 2956.20 before retreating to lower grounds. With the G20 meeting scheduled next week, investors might be looking for cues to place a winning bet on the index and its constituents. Can the S&P 500 and Slack maintain this level? Only time will tell.