Stewart Butterfield, co-founder and chief executive officer of Slack Technologies Inc., speaks during an event in San Francisco, California.
David Paul Morris | Bloomberg | Getty Images
Business messaging service Slack is expected to go public later with a direct listing on the New York Stock Exchange later this year.
Slack provided updated information in an amendment to its initial public offering filing on Monday ahead of its pitch to investors. For the quarter ending April 30, Slack brought in revenue of $80.9 million, with a net loss of $26.3 million.
The service, which primarily caters to businesses, said it has more than 10 million users as of January.
Slack is the latest in a string of large technology companies coming to the public markets. But rather than a traditional IPO, the service will list its shares directly on the NYSE. It’s the second major tech company over the last year to opt for a direct listing, following Spotify. Slack’s ticker symbol will be SK.
Slack, similar to the recent IPOs of Lyft and Pinterest, will offer two classes of shares, to consolidate voting power among its top shareholders. Slack’s Class A common stock will receive one vote per share, while Class B will be entitled to 10 votes per share.
This story is developing. Please check back for updates.
Disclosure: Comcast Ventures, the venture arm of Comcast, is an investor in Slack. Comcast owns CNBC parent company NBCUniversal.
