Ten years after it was founded, Slack Technologies listed its shares on the New York Stock Exchange on Thursday, June 20th. The ticker symbol? WORK. And the NYSE has set Slack’s stock reference price, which may help determine where it starts trading, at $26 a share, valuing the company around $15.6 billion.
But in contrast to the vast majority of tech companies that go public using an initial public offering, or IPO, Slack will use a direct offering.
Slack’s workplace collaboration software is used by 600,000 companies and organizations, and is considered by many to be an indispensable alternative to older means of communications like email. For small investors anxious to own a piece of the company that plays a big role in their workdays, Slack’s stock debut presents an intriguing opportunity. Here’s how the direct offering will work.