Slack Sets IPO Reference Point At $26 Per Share

The New York Stock Exchange said Wednesday afternoon Slack Technologies 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%.

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.

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Photo courtesy of Slack.