Workplace collaboration specialist Slack Technologies has filed a draft registration statement for its proposed public listing with the US Securities and Exchange Commission (SEC). The listing of Class A common stock will occur once the SEC has completed its review process, subject to market and other conditions, the company said.
Headquartered in San Francisco, Slack has raised more than USD 1 billion in venture capital investment, including a USD 427 million funding round in August. That round valued the company at USD 7.1 billion. Investors include Softbank's Vision Fund, T. Rowe Price and General Atlantic.
Slack is a leading provider of an online messaging system for businesses and counts around 10 million active users each day. As of January it had 85,000 paying users. Its main competitors include Cisco's Webex and Microsoft Teams.
People familiar with the matter told Reuters that Slack plans to pursue a direct listing as opposed to a traditional IPO, and the listing will take place as early as the spring. Slack is hoping for a valuation of more than USD 10 billion in the listing. The company did not specify the number of shares it was selling or the price range for the offering.
