Slack Technologies Shares Extend Gain After First-Day Pop

(Bloomberg) -- Slack Technologies Inc. shares rose as much as 4.2% on Friday in their second day of trading.

The maker of software for workers to chat and collaborate on projects traded as high as $40.25 in New York. In Thursday’s debut, the stock opened at $38.50, well above the reference price of $26.

Read more: Slack’s Listing Wasn’t So Different From an IPO: Fully Charged

Slack shunned the traditional initial public offering route, and instead directly listed its shares on the New York Stock Exchange, allowing shareholders to sell right away without a lockup period. The company chose not to have a traditional IPO for a pragmatic reason: It didn’t need the cash, Slack Chief Executive Officer Stewart Butterfield said Thursday.

Bloomberg Beta, the venture capital arm of Bloomberg LP, is an investor in Slack.

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