Slack, a messaging service used in workplaces around the world, has put the wheels in motion on its highly-anticipated public stock listing.
The company, which could be valued at as much as $10bn in its stock market debut, has filed a confidential draft registration statement with the Securities and Exchange Commission (SEC) regarding its floatation and is awaiting review.
Slack will take the unconventional approach of listing its shares directly on the stock market rather than going to an initial public offering (IPO) – the same thing Spotify did almost a year ago. The decision to go for a direct listing means that existing investors will be able to buy and sell shares in the company, but no new shares will be made available to the public. In doing so, it risks gaining little or no profit, though it does avoid the steep underwriting fees associated with IPOs.
Most recently, Slack was valued at over $7bn in a funding round led by Dragoneer Investment Group and General Atlantic, which saw the company raise $427m.