Slack To IPO Through Direct Listing On June 20

Slack Technologies, a provider of a cloud-based workplace messaging app, launched its product in 2013 and plans on list its shares on the New York Stock Exchange on June 20 through a direct listing. The company will trade under the ticker WORK.

Slack said it 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 percent.

"Smaller companies or startups that want to do a public listing may not have the resources to pay the high costs to underwriters or may not want to pay those costs. Such entities often choose to proceed by using the direct listing process, a less-expensive alternative to an IPO," according to Investopedia.

Spotify Technology SA SPOT hit the public markets last summer through a direct listing.

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Photo courtesy of Slack.