Euromoney, is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2023
Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Slack: Direct listings are a bit more like IPOs than you think

A lack of underwriting or stabilization certainly makes Slack’s route to market different to the norm, but don’t be fooled into thinking there’s no old-fashioned art behind it.


Slack, a US messaging company, last week became the second big tech firm to use a direct listing as its route to the public markets.

And so came the excited chatter, just as it did with Spotify in April 2018: banks cut out of deals, the intermediators disintermediated! A bit like Google’s 2004 auction, but done right! The future of IPOs!

Not so fast.