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Slack Sets IPO Reference Point At $26 Per Share

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Slack Sets IPO Reference Point At $26 Per Share

The New York Stock Exchange said Wednesday afternoon Slack Technologies (NYSE: WORK) has set its IPO reference point at $26 per share. The company is expected to make its public debut Thursday morning through a direct listing.

Slack is a provider of a cloud-based workplace messaging app launched in 2013. The company expects full-year fiscal 2020 sales to be between $590 million and $600 million. The middle of this range would represent revenue growth of 50%.

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A direct listing like the one Slack has planned has a few benefits, the most important perhaps being that the company doesn't have to pay a fee to underwriters. Also, a direct listing provides a “fairer market” to participate in at the outset, because anyone can buy the stock at the same price whenever it opens for trading, said Scott Coyle, CEO of ClickIPO.

Related Links:

Slack's Direct Listing: The Pros And Cons

MKM: Slack Is Worth $55 Per Share

Photo courtesy of Slack.

Posted-In: News IPOs Top Stories After-Hours Center

 

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