Preening to enter the world of startups seeking IPO riches, Slack‘s opening share price is scheduled to open at $26 on Thursday.
The Wall Street Journal says the stock trading at that level is likely to translate to $15.7 billion in net worth for Slack.
Instead of the traditional route of going public, which is having banks underwrite IPO’s, Slack is directly listing its stock on the New York Stock Exchange. Spotify made similar moves when it went public last year.
Slack, to be listed as “WORK” on the NYSE when it launches, follows Lyft, Zoom, Pinterest, Postmates, Uber and most recently Chewy.com, in filing for IPOs. Some of the launches faired better than others, and many, like Lyft and Uber, have been well publicized.
Slack is a social communications startup for the workplace. It’s last valuation put it at $7 billion.