Slack’s public entry is happening Thursday on the NYSE and the company has determined a remark price of $26 per share for its direct index, according to WSJ, which would evaluate the company at around $15.7 billion.
The company’s stock is expected to pop at open, according to the WSJ’s sources. Slack is pursuing a direct inventory, shunning the usual IPO process in favour of putting its current asset on to the NYSE without doing an additional raise or bringing on underwriter bank partners.
This isn’t a first for the technology industry, as Spotify did the same thing about this time last year, but it is still an outlier in terms of common practice for startups looking to the public marketplaces for their liquidity event.
Slack was launched in 2013 by Flickr co-founder Stewart Butterfield, first improved as a side project to support team communication for Butterfield’s sport company Tiny Speck. In the intervening years, it’s risen to become one of the most recognized initiative communication tools currently available.
Read more: techcrunch.com.