Slack is estimated at $23 billion

Slack, the fast-growing communication platform for the labor teams, watched the shares increase by 50% on the first day of public trading by praising the company with $23 billion.

Stocks were estimated at $38,62, about $12 more than the $26 that analysts had expected from the IPO.

Slack's direct listing differs from a traditional IPO because it doesn't get new investments. Spotificy was also applied at the beginning of this year.

Slack's market value is 50 times higher than the company's income, which is still not profitable.

Slack is a communication platform and message similar to chat rooms with the possibility of working jointly in documents.

The application began as an internal project to improve communication at the Tiny Speck video game company before it became Slack Technology.

Slack's IPO comes shortly after a series of IPOs like Crowntrics, Zoom, Spotif, Uber Lyft. In 2018, Slack had $400 million in revenue, 80% more than a year ago. However, it reported $133m in losses.

The company has 90 million users, but only 100,000 are paid consumers. / PCWorld Albanian