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
Earnings Preview: What to look for when Netflix (NFLX) reports Q4 2025 results
Netflix, Inc. (NASDAQ: NFLX) is expected to report Q4 results on January 20, amid expectations for strong revenue and earnings growth. The company is navigating a shifting streaming landscape where
What to look for when United Airlines (UAL) reports its Q4 2025 earnings results
Shares of United Airlines (NASDAQ: UAL) stayed red on Thursday. The stock has gained 15% over the past three months. The airline is scheduled to report its earnings results for
Infographic: How Constellation Brands (STZ) performed in Q3 2026
Constellation Brands, Inc. (NYSE: STZ) reported net sales of $2.22 billion for the third quarter of 2026, down 10% year-over-year. Organic net sales were down 2%. Net income attributable to
