Slack expects to raise about $197 million in direct listing

(Reuters) - Slack Technologies Inc, the owner of the workplace instant messaging app, said on Monday it expects to raise $196.5 million in direct listing of its class A common shares on the New York Stock Exchange. Slack is the latest tech company looking to go public this year, following the market debuts of Uber Technologies Inc, Lyft Inc, Pinterest Inc, and Zoom Video Communications.

Reuters May 21, 2019 05:05:50 IST
Slack expects to raise about $197 million in direct listing

Slack expects to raise about 197 million in direct listing

(Reuters) - Slack Technologies Inc, the owner of the workplace instant messaging app, said on Monday it expects to raise $196.5 million in direct listing of its class A common shares on the New York Stock Exchange.

Slack is the latest tech company looking to go public this year, following the market debuts of Uber Technologies Inc, Lyft Inc, Pinterest Inc, and Zoom Video Communications.

The company has registered about 117 million of its Class A shares, which is an estimate for the number of shares that will be needed when the stock begins to trade.

Slack has opted for direct listing instead of an IPO, which has been the traditional route to the public markets for companies like Google parent Alphabet and Facebook Inc.

Slack, which said in April it was looking to raise up to $100 million, also changed its ticker symbol to "WORK" from "SK".

(Reporting by Nivedita Balu in Bengaluru; Editing by Shailesh Kuber)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Pulitzer Prize-winning photojournalist Danish Siddiqui killed in Afghanistan: Politicans, journalists pay tributes
India

Pulitzer Prize-winning photojournalist Danish Siddiqui killed in Afghanistan: Politicans, journalists pay tributes

The Pulitzer prize winner, who was in Kandahar covering operations against Taliban, was killed when he was riding along with the Afghan Special Forces

Indian photojournalist Danish Siddiqui killed during assignment in Afghanistan's Kandahar province
India

Indian photojournalist Danish Siddiqui killed during assignment in Afghanistan's Kandahar province

Siddiqui had also covered the 2020 Delhi riots, COVID-19 pandemic, Nepal earthquake in 2015 and the protests in Hong Kong

Danish Siddiqui's passing is a reminder of the high price one pays for showing the truth
India

Danish Siddiqui's passing is a reminder of the high price one pays for showing the truth

Danish's photographs were not just documentation, but the work of someone who went down to eye-level, as they say in photographic parlance.