Shares in Slack, the workplace messaging tool, will start trading Thursday on the New York Stock Exchange.
The tech company’s Wall Street debut is unconventional. Slack opted to pursue a direct listing, which means it didn’t have investment bankers to pitch its shares to institutional investors or go on a roadshow to drum up hype.
Slack priced its shares at $26, according to TechCrunch.
A direct listing is less pricey and time consuming, but also comes with risks. Spotify, the last major company that went public this way, has underperformed since its shares began trading in April 2018.
Slack will also face questions about its lack of profitability, a factor that dinged the IPOs of Uber and Lyft earlier this year. Slack reported a net loss of $138.9 million in its last fiscal year, and sales growth is slowing.
The company will trade under the ticker symbol WORK.
