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!

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Mark Baker

Deputy editor

Mark Baker is deputy editor. Prior to joining Euromoney magazine he was based in Hong Kong as managing editor, Asia, for the Capital Markets Group. He previously edited EuroWeek magazine and was also deputy editor at International Financing Review.

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.

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