Slack valued at $16 billion as it prepares for stock market debut
Slack, the popular workplace communication tool, is preparing to float on the New York Stock Exchange today.
The company's shares have been priced at $26, valuing the company at $15.7 billion, the Wall Street Journal reports.
Slack is avoiding the traditional IPO route to the stock exchange, preferring a so-called "direct listing".
In this arrangement, shares are released directly into the market without additional fundraising or underwriting.
The company is only the second major company to float through a direct listing, with Spotify choosing the same route last year.
Slack was last valued at $7.1 billion, following its most recent fundraising round in 2018.
The company was started by Flickr co-founder Stewart Butterfield in 2013, as a bespoke product intended to help his game development company communicate internally.
Slack's tools are now the preferred method of communication for teams around the world, with many companies choosing to abandon internal email in favour of the company's platform.
Slack will trade on the NYSE under the symbol 'WORK'.