![]() ![]() Representatives for Slack, Goldman Sachs, Morgan Stanley and Citadel Securities declined to comment. They will likely spend some time at the offices of their advisers before celebrating with employees and customers, according to a person with knowledge of the matter. They may not stick around all day, though. One thing Slack’s listing will have in common with an IPO: executives including Chief Executive Officer Stewart Butterfield and finance chief Allen Shim are expected to be pacing the floor of the NYSE for the open. equities trading, will help advise the designated market maker on where the stock should open based on buying and selling interest gleaned from investors, according to people familiar with the details.Īt Goldman Sachs, the work will be led by Nick Giovanni, co-head of the global technology, media and telecommunications group, equity capital markets head David Ludwig and Will Connolly, co-head of the West Coast financing group and head of technology ECM. The bank’s team includes global head of technology capital markets, Colin Stewart, as well as David Chen, who leads software banking. ![]() Morgan Stanley, as the named adviser to the designated market maker, will be constantly trying to get a sense of supply and demand for the shares to advise on that opening price. It could be a long wait: Spotify’s shares took more than three hours to start trading, and it will take a while to make sure that the pricing and trading volumes coming in are at levels that Slack and its advisers are comfortable with. Pete Giacchi, a longtime market maker at the NYSE for Citadel Securities, will be tasked with opening the stock –- just as he was for Uber Technologies Inc.’s listing in May, people with knowledge of the matter said. On Thursday, much of the attention at the exchange will be focused on one man. ![]() That’s well below where the stock opened on its first day of trading in April 2018, though, at $165.90 apiece. Fifteen months after its own direct listing, Spotify trades about 12% above its reference price of $132, at about $148 a share on Wednesday. ![]()
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