Slack’s public introduction is happening Thursday on the NYSE and the company has specified a remark toll of $26 per share for its direct schedule, according to WSJ, which would appreciate the company at around $15.7 billion.
The company’s stock is expected to pop at open, according to the WSJ’s sources. Slack is pursuing a direct listing, eschewing the typical IPO process in favour of putting its current stock on to the NYSE without doing an additional raise or introducing 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 groceries for their liquidity event.
Slack was launched in 2013 by Flickr co-founder Stewart Butterfield, first constructed as a side project to support team communication for Butterfield’s game busines Tiny Speck. In the intervening years, it’s risen to become one of the most acknowledged firm communication tools currently available.
Read more: techcrunch.com