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Slack ends first day of trading worth nearly $20 billion

Slack Technologies Inc. ended its first day on Wall Street worth nearly $20 billion, after the creator of a popular workplace-chat tool made its public debut via an unconventional route.

The business-communications company began trading on the New York Stock Exchange in a direct listing, through which Slack WORK, +48.54% was able to go public without raising additional funds, as in an initial public offering. The direct-listing route is an option for companies that don’t face an immediate need for new capital and wish to avoid the fees and investor roadshows that come with traditional initial public offerings.

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