Slack to Pay Goodwin $2.5M for Unconventional IPO, Latham Reps Advisers
Goodwin Procter advised San Francisco-based Slack Technologies Inc. on its direct listing, as financial advisers turned to Latham & Watkins.
June 20, 2019 at 06:57 PM
3 minute read
Slack Technologies Inc. is the latest beast to join the ranks of tech unicorns in the public market. And according to its updated S-1 filing with the U.S. Securities and Exchange Commission, the popular work-messaging app expects to pay Goodwin Procter $2.5 million in legal fees for its direct-listing IPO.
San Francisco-based Slack made its trading debut Thursday morning on the New York Stock Exchange. The stock, under the symbol WORK, opened at $38.50, nearly 50% above the reference price of $26 set Wednesday, valuing the company at $19.5 billion.
Rather than a traditional IPO, Slack went public through an unusual method called a direct listing, making it the second-largest tech company to go that route. Last March, Spotify Technology SA, advised by Latham & Watkins, surprised Wall Street with its decision to list directly onto the New York Stock Exchange.
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Trending Stories
- 1The Law Firm Disrupted: For Big Law Names, Shorter is Sweeter
- 2Wine, Dine and Grind (Through the Weekend): Summer Associates Thirst For Experience in 'Real Matters'
- 3The 'Biden Effect' on Senior Attorneys: Should I Stay or Should I Go?
- 4'That's Disappointing': Only 11% of MDL Appointments Went to Attorneys of Color in 2023
- 5'You Are Not Alone': 120 Sex Assault Victims Plan to Sue Sean 'Diddy' Combs
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250