Slack: Path to a $17B Direct Listing

Slack is an enterprise software platform that provides a digital workspace for teams and businesses to communicate. The company aims to improve communication by providing an all-in-one platform that houses user workflow tools, from email notifications to file management systems. The platform offers one-on-one messaging, private group chats, and chat rooms organized by topic. On April 26, 2019, Slack unveiled its plan to pursue a direct listing on the NYSE under the ticker "WORK," joining Spotify in its unconventional path to the public markets. Slack's shares have traded as high as $31.50 per share on the private secondary market, implying an approximately $17B fully-diluted valuation once the company is public.

Slack: Path to a $17B Direct Listing

Slack is an enterprise software platform that provides a digital workspace for teams and businesses to communicate. The company aims to improve communication by providing an all-in-one platform that houses user workflow tools, from email notifications to file management systems. The platform offers one-on-one messaging, private group chats, and chat rooms organized by topic. On April 26, 2019, Slack unveiled its plan to pursue a direct listing on the NYSE under the ticker "WORK," joining Spotify in its unconventional path to the public markets. Slack's shares have traded as high as $31.50 per share on the private secondary market, implying an approximately $17B fully-diluted valuation once the company is public.

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Companies analyzed in the Path to IPO are chosen on the basis of interest to the investing public and are not necessarily those in which transactions have been completed on the EquityZen platform. An investment through EquityZen is not an investment in a primary funding round; accordingly it is unlikely that an investment through EquityZen will perform similarly to the primary funding rounds highlighted in the Path to IPO. Most private companies are not successful enough to have an IPO, and many successful private companies may elect to not have an IPO. Investing in a private company through EquityZen may result in a partial or complete loss of your investment.

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