Slack Technologies Inc, whose instant messaging app has taken workplaces by stor...
- Slack Technologies Inc, whose instant messaging app has taken workplaces by storm, is scheduled to go public via a direct listing on June 20, instead of the more popular initial public offering route.
Unlike a traditional IPO in which companies sell shares to raise proceeds, a direct listing is a way for existing shareholders to sell stock. Launched in 2013, Slack has replaced e-mail discussions at many companies, although e-mail is still the dominant medium of communication in workplaces.The San Francisco-based company, whose customers include Electronic Arts Inc, Nordstrom Inc and Ford Motor Co, said it ended the first quarter with 95,000 paid customers.
Private trading suggests the company could list at a price range of $26-$32, which would imply a market cap of $14 billion-$17 billion, according to funding database PitchBook.
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