Slack reveals financials as it files to go public
The workplace messaging app is pursuing a direct listing on the New York Stock Exchange.
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Slack is among a number of tech companies expected to go public in 2019.
Slack plans to go public, but it's taking a somewhat uncommon route to get there. The workplace messaging app on Friday released its S-1 filing with the US Securities and Exchange Commission, offering a look at its financials as it prepares for the shift.
In its filing, Slack said its platform is used by more than 600,000 organizations in over 150 countries, and it has more than 10 million daily active users. For the fiscal year ended Jan. 31, Slack had a net loss of $139 million on revenue of $401 million.
Instead of a traditional initial public offering, Slack is pursing a direct listing on the New York Stock Exchange using the ticker symbol SK.
In a direct listing, shares trade in the open market without banks underwriting the offering. It's generally considered a less expensive but riskier option for a company. Spotify chose to go with a direct listing when it went public last year.
If all goes as planned, 2019 will be a big year for tech IPOs. Along with Slack, San Francisco-based companies including Airbnb and Uber are expected to go public. Lyft and Pinterest both made their IPOs earlier this year.
Slack declined to comment.