Slack reference price for direct listing set at $26 per share
(Reuters) - The New York Stock Exchange on Wednesday set the reference price for Slack Technologies Inc's direct listing at $26 per share. At this price, the owner of the workplace instant messaging app is valued at around $16 billion.
(Reuters) - The New York Stock Exchange on Wednesday set the reference price for Slack Technologies Inc's direct listing at $26 per share.
At this price, the owner of the workplace instant messaging app is valued at around $16 billion.
Slack, which will list its shares directly on the NYSE on Thursday, is the second high profile technology company after Spotify Technology SA to shun a traditional listing.
The reference price is not an offering price, the NYSE notice https://www.nyse.com/trader-update/history#110000137618 said. The opening public price will be determined by buy and sell orders collected by the NYSE from broker-dealers.
Slack's direct listing could further pave the way for companies looking to go public without the help of Wall Street underwriters who charge millions of dollars in fees.
The company offers an internet-based platform that allows teams and businesses to communicate with each other and directly competes with Microsoft Corp's Teams.
San Francisco-based Slack, whose customers include Electronic Arts Inc, Nordstrom Inc and Ford Motor Co, has around 600,000 organizations using its service, and 95,000 paid customers.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Arun Koyyur)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.