Slack’s public debut is occurring Thursday on the NYSE and the corporate has set a reference worth of $26 per share for its direct itemizing, based on WSJ, which might worth the corporate at round $15.7 billion.
The corporate’s inventory is anticipated to pop at open, based on the WSJ’s sources. Slack is pursuing a direct itemizing, eschewing the standard IPO course of in favour of placing its present inventory on to the NYSE with out doing an extra increase or bringing on underwriter banking companions.
This isn’t a primary for the know-how trade, as Spotify did the identical factor about this time final yr, however it’s nonetheless an outlier when it comes to widespread follow for startups trying to the general public markets for his or her liquidity occasion.
Slack was launched in 2013 by Flickr co-founder Stewart Butterfield, initially constructed as a aspect challenge to assist workforce communication for Butterfield’s recreation firm Tiny Speck. Within the intervening years, it’s risen to turn out to be one of the vital acknowledged enterprise communication instruments at present accessible.