Slack CEO Stewart Butterfield poses for photos outside the New York Stock Exchange before his company's IPO, Thursday, June 20, 2019. (AP Photo/Richard Drew)

Slack is latest tech company to go public, with a twist

June 20, 2019 - 6:42 am

NEW YORK (AP) — Shares of work messaging platform Slack are expected to start trading on the New York Stock Exchange under the ticker "WORK."

The San Francisco company is set to start trading Thursday in what's known as a direct listing.

Unlike a traditional initial public listing, under a direct listing a company doesn't hire underwriters or sell new shares to raise money, it just lists existing shares. There is no offering price.

In a regulatory filing, Slack said the volume weighted average price of shares that changed hands in the private market from February through May was $26.38.

Slack aims to replace traditional work communication like email with its own messaging platform.

Other technology companies that made a splash by going public include Uber and video conferencing company Zoom Video Communications.