Slack reference price set at $ 26 per share: NYSE
The Slack Technologies program appears on an Apple iPhone in an organized photo taken in Arlington, Virginia on Monday, April 29, 2019.
Andrew Harrer | Bloomberg | Getty Images
Slack Technologies reference price was set at $ 26 per share, the New York Stock Exchange announced Wednesday night.
That doesn't necessarily mean that Slack's A shares are opened at $ 26 when they make their listed debut on Thursday.
A reference price is not an offer price. Nor is it an opening price. That number will ultimately be determined by the designated market master, based on a calculation of a figure where purchase orders can be met with sales orders.
As music streaming service Spotify, Slack decided to pursue a direct listing, rather than a traditional listing. This makes it possible for existing investors to sell on the public markets, but the company will not offer shares or raise new capital.
Slack, the manufacturer of a popular messaging service for businesses, will act under the ticker symbol "WORK."
For the year ending January 31[ads1], the company reported a net loss of $ 138.9 million of $ 400 million in turnover, according to documents it was filed in April.
