Plant-based hamburger maker Beyond Meat and software companies Pinterest, PagerDuty, and Zoom are all trading well above their IPO prices.
Last October, the 10-year-old San Francisco-based company reportedly tapped Goldman Sachs to lead a 2019 IPO, but its capital infusion in March cast doubt on those plans.
Its IPO could fetch more than $487 million, discounting underwriters’ fees, after the company upped its price range 30 percent to $28-$30 per share on Thursday.
Months before the company formally announced it filed paperwork with the SEC, its co-founder and CEO John Foley said a 2019 IPO would “Make a lot of sense.” Of course, filing paperwork for an IPO does not guarantee a company will go through with it.
The process remained stagnant for three years before the company finally shelved its IPO plans last May. Postmates.
In February, same-day delivery startup Postmates announced it had filed confidential paperwork with the SEC for an IPO. The news came about a month after the San Francisco-based company closed a $100 million round that valued it at $1.85 billion.
Just like Spotify, and potentially Airbnb, Slack is forgoing the traditional IPO and opting for a direct listing instead. That means the company will not set a share price or raise any money when it starts trading under the ticker symbol “WORK.”.