The New York Stock Exchange was decorated for the first day of trading for Slack shares on June 20. The workplace messaging company used a direct listing to go public, eliminating the need for underwriters RICHARD B. LEVINE/ALAMYThe stock market debuts of Slack and other “unicorns” are being investigated by a US watchdog. Slack, which develops workplace communication software, went public in June in a “direct listing” on the New York Stock Exchange without a prior sale to institutional investors. By the end of the day Slack was valued at $23 billion on a fully diluted basis, nearly three times its prior valuation. The SEC has asked for information on Slack’s listing from Citadel Securities, the market-maker handling the first orders for its shares, which closed at $38.70 on debut day.…

Source: The Times December 21, 2019 00:06 UTC