Slack’s public debut is happening Thursday on the NYSE and the company has designated a remark expenditure of $26 per share for its direct enumerate, according to WSJ, which would evaluate the company at around $15.7 billion.
The company’s stock is expected to pop at open, in agreement with the WSJ’s sources. Slack is pursuing a direct itemize, forgoing the typical IPO process in favor of putting its current capital on to the NYSE without doing an additional raise or raising on underwriter bank partners.
This isn’t a first for the technology industry, as Spotify did the same thing about this time last year, but it is still an outlier in terms of common practice for startups looking to the public sells for their liquidity event.
Slack, launched in 2013 by Flickr co-founder Stewart Butterfield, was initially improved as a side project to support team communication for Butterfield’s competition corporation Tiny Speck. In the intervening years, it has risen to become one of the most recognized project communication tools currently available.
Update: Slack’s pricing and representation,’ WORK’ are now officially fortified.
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