A Slack IPO may not be have happened, but that doesn’t mean the stock isn’t trading on a public market.
Here’s what to know about about Slack going public.
- The company is now trading publicly without going through a Slack IPO.
- This has today being the first time that the stock has been trading publicly.
- Slack is trading its stock on the New York Stock Exchange.
- The stock ticker that the company is using for its shares is “WORK”.
- Slack (NYSE:WORK) instead used a direct listing to get its stock out in the open.
- This means that it didn’t have to go through underwriters in an effort to get its stock trading to the public.
- This is an uncommon method for going public, but isn’t unheard of.
- The starting price for WORK stock through the direct listing is $26.00 per share.
- Based on this starting price, the direct listing will value the company at $16 billion.
- Slack currently has over 10 million daily active users.
- Of these users, it has 95,000 that are paying for its premium services.
- The company was founded back in 2014 by CEO Stewart Butterfield.
- Several larger companies showed interest in acquiring Slack, but Butterfield wasn’t interested in selling the business.
- Butterfiled is confident in Slack’s messaging service, saying that it will result in company emails becoming obsolete in the next five to seven years.
As of this writing, William White did not hold a position in any of the aforementioned securities.