What happens when unpredictable demand meets equally unpredictable supply?

That roughly summed up the state of affairs as enterprise chat app Slack approached its stock market listing on Thursday.

Going public is normally a carefully choreographed affair, stage-managed by investment banks who are paid big underwriting fees to make sure things go smoothly — although the soaring premiums on some recent tech initial public offerings show how imprecise a science this is.


By contrast, Slack has become only the second big company, after Spotify, to invite a free-for-all in its shares on Wall Street.

Rather than an IPO, it