Workplace collaboration platform Slack Technologies Inc. will go public on Thursday when its shares open for trading on the NYSE under the ticker symbol WORK.
The company is projected to have a valuation of $16-17 billion upon its listing. Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS) and Allen & Co. will act as financial advisors for the deal.
Slack has opted for a direct listing to go public unlike the traditional initial public offering (IPO) method. A direct offering helps reduce costs as there are lesser number of banks involved versus an IPO. However, there is no capital raise in a direct listing, which is a significant advantage in an IPO.
Slack reported revenues of around $135 million in Q1 2020, reflecting a growth of 67% year-over-year. Net losses widened to about $32 million from nearly $25 million last year. The company had 95,000 paid customers at quarter-end.
Slack has forecasted its revenue growth at 51-53% year-over-year for the second quarter of 2020 and at 47-50% for fiscal-year 2020.
Like Slack, Spotify too opted for a direct listing when it went public last year. Spotify had a reference price of $132 and the company is now trading 11% above its reference price.
Other companies which went public recently include Chewy (NYSE: CHWY) and CrowdStrike (NYSE: CRWD). Chewy’s opening price was $22 and the company is now trading 59% above this number. CrowdStrike opened at $34 and is now trading 126% above that price.
Most Popular
Key highlights from Deere & Co.’s (DE) Q4 2024 earnings results
Deere & Company (NYSE: DE) reported its fourth quarter 2024 earnings results today. Worldwide net sales and revenues decreased 28% year-over-year to $11.14 billion. Net income was $1.24 billion, or
NVDA Earnings: Nvidia Q3 profit jumps, beats estimates
NVIDIA Corporation (NASDAQ: NVDA) on Wednesday reported a sharp increase in adjusted profit and revenue for the third quarter of 2025. Earnings also topped analysts' estimates. The tech firm’s revenues
Lowe’s Companies (LOW): A few points to note about the Q3 2024 performance
Shares of Lowe’s Companies, Inc. (NYSE: LOW) rose over 1% on Wednesday. The stock has gained 8% over the past three months. The company delivered better-than-expected earnings results for the
