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Slack: Shares surge as messaging app joins the stock market

The messaging app firm sees its shares close 50% up as it becomes that latest tech start-up to go public.
Stewart ButterfieldImage copyrightReuters
Image caption Slack founder Stewart Butterfield takes a selfie outside the New York Stock Exchange as the firm’s shares begin trading

Shares in messaging app Slack surged 49% as the company became the latest tech start-up to join the stock market.

Slack set a guide price of $26 a share, but rose 60% at the start of trading before easing back to finish at $39.

The company chose a direct listing on the stock market, rejecting the use of traditional advisers and underwriters who manage the price of new stocks.

That opened the possibility of wild swings in the price as traders try to assess where the shares might settle.

The jump in the share price put the value of the company at $25bn.

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