Mirai Life Securities: $19.5 Billion market Cap reached in Slack Direct IPO
Slack Technologies Inc. chose an uncommon path as its shares rallied without a public IPO reports Mirai Life Securities
Mirai Life Securities, a Japanese wealth management company, has reported on various initial public offerings from key technology firms; however, on Thursday, Slack Technologies Inc. chose a different path as its shares rallied without a public IPO.
Mirai Life Securities researchers noted that on Thursday on the New York Stock Exchange, Slack Technologies Inc opened its first trading session at around $38.50.
Market anticipators expected a price introduction of around $26 for the direct listing shares, and stocks proceeded to rally through trading hours ending at $36.62 representing the current market value of U.S. $19.5 billion for the businesses.
Mirai Life Securities analysts revealed that their last valuation of the business was back in August at $7.1 Billion. Following its newly updated valuation, which places it among the most valuable U.S. technology company just behind Uber Technologies at $75 billion and Lyft Inc. at $18 billion.
Slack produces software for its clients to chat and collaborate on projects have become an enormous success and placed their shares directly on the New York Stock Exchange bypassing an IPO’s usual fundraising method.
“Slack serves around ten million active users per day, with its recent publicity and gaining market exposure the company have been said to grow its user base pushing its market capitalisation to over $50 billion by the year 2025,” said Adam Walker, Head of Corporate Trading at Mirai Life Securities.
Slack, however, faces strong rivalry from major significant businesses like Microsoft and Google, that are critical competitors in the corporate technology sector.