Slack NYSE direct listing

Overview:

• Workplace collaboration software company Slack has made a direct listing on the NYSE. 
• An alternative to an IPO, Spotify also used a direct listing when it recently went public. 
• In direct listings, financial institutions don't underwrite the offering and instead of creating new shares, existing shareholders are given the opportunity to sell on the stock exchange. 
• Slack opened at $38.50 per share on its opening day, significantly higher than the NYSE's $26 reference price for the stock. 

Kurt Stumpo - US Editor