The workplace communications app is valued at around $15.7 billion, based on a reference price of $26 per share. But that’s expected to jump as trading opens on the New York Stock Exchange today, given the San Francisco firm’s decision to opt for a direct listing. That’s when a company floats stock without the backing of underwriters and without offering premium shares in advance. With a 23.8 percent stake, venture firm Accel could emerge as the biggest winner.
Is direct listing the future? Spotify is the only major player that’s done it before, but with Airbnb reportedly considering the method for its own public debut next year, a successful performance by Slack could see more tech companies follow suit.