Slack Is Going Public At $16 Billion Value

An anonymous reader quotes a report from NPR: In just five years, Slack has grown to have more than 10 million users and has become a verb in the process. 'I'll Slack you' is shorthand for sending a message via the workplace chat platform. On Thursday, the company will take that popularity to the New York Stock Exchange, where its shares will be publicly listed for the first time. At a starting price of $26 per share set Wednesday, Slack Technologies would be worth about $16 billion. Instead of having a conventional initial public offering, Slack will enter into the market as a direct listing, which means the shares will simply be listed on the New York Stock Exchange. Most firms that pass on an IPO are widely known companies that are in good financial shape. Fortune explains what it means to enter into the market as a direct listing: 'Unlike an ordinary IPO, a direct listing means the company doesn't issue any new shares and doesn't raise additional capital. It's primarily a way for company insiders to sell some of their holdings to investors, while bypassing the formidable fees and requirements of using an underwriter.'

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