Slack wants to go public, but not with an initial public offering
The workplace-messaging company wants to list its shares directly on the New York Stock Exchange, but fixing its worth is proving elusive
San Francisco — Slack Technologies has submitted its plans to US regulators to go public through an unusual direct listing. The workplace-messaging company’s filing on Friday confirms its plans to avoid a traditional public offering and instead list its shares directly on the New York Stock Exchange under the symbol SK. Slack’s filing shows it had a net loss for the year ending January 31 of $139m on revenue of $401m, compared to a net loss of $140m on revenue of $221m in the same period a year earlier. The filing gives potential investors their first look at Slack’s sales and net losses. Previously, it has occasionally shared annual recurring revenue and a few other metrics. The filing also reveals that Slack’s class B shares have been changing hands in private transactions for as much as $23.41 in the year up to and including January. The lowest price at which they traded during the same period was $8.37. In private deals in the past two months, shareholders have sold stock at pri...
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