Slack stock surges 60% as messaging app debuts on NYSE
The workplace messaging and communication platform's trading price gives it a valuation of more than 50 times revenue
New York — Shares of Slack Technologies, the fast-growing workplace messaging and communication platform, soared nearly 60% in their public trading debut on Thursday, valuing the company at more than $25bn.
The strong performance helped validate the unusual direct listing model the company used to go public. The stock soared to more than $41 at midday on Thursday from the New York Stock Exchange's reference price of $26 apiece.