Many of these large companies, which operate in untested categories, were deeply unprofitable and faced questions about whether they could make money and maintain their growth.īut smaller tech startups that have gone public - and which often have more room to grow and lose less money - have been warmly embraced by investors. While many big tech companies like Uber and Lyft were hyped before going public, their stock prices slid once they started trading. Slack’s performance underlined a bifurcation that is taking place in tech offerings this year.
That gave Slack a valuation of $19.5 billion, almost triple its $7.1 billion valuation as a private company. The stock continued to rise before closing at $38.62. Shares in the company, which makes workplace collaboration software, opened at $38.50 on the New York Stock Exchange, up from a reference price of $26 that was set Wednesday. SAN FRANCISCO - Slack shares soared Thursday on its first day of trading on the stock market, in a sign that Wall Street remains tantalized by fast-growing young technology firms even after the recent lackluster public offerings of larger companies like Uber. Slack shares soared on Thursday in early trading, a sign that Wall Street remains tantalized by fast-growing young technology firms even after the recent lackluster public offerings of companies like Uber. The New York Stock Exchange floor on the day of the initial public offering of Slack, the workplace collaboration company, in Manhattan, June 20, 2019.
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