Slack to Pick NYSE for Stock Listing in the Summer

(Bloomberg) -- The workplace messaging company Slack Technologies Inc. plans to list on the New York Stock Exchange in June or July, according to a person familiar with the matter.

Slack is one of several highly valued private companies eyeing public offerings this year. It’s looking to take the same path to the market as music company Spotify Technology SA, opting for a direct stock listing instead of raising capital through an initial public offering.

The San Francisco-based company, which makes chat software for businesses, was valued at $7.1 billion by private investors last year. In February, Slack said it had confidentially filed paperwork with the U.S. Securities and Exchange Commission for its offering.

Spokeswomen for Slack and the New York Stock Exchange declined to comment. The Wall Street Journal earlier reported Slack’s listing plans on Monday.

Lyft Inc. took the leap to the public markets last week through a traditional IPO. When shares opened Monday, they quickly retreated to below the $72 IPO price, a troubling sign for other unicorns following in its footsteps.

To contact the reporter on this story: Eric Newcomer in San Francisco at enewcomer@bloomberg.net

To contact the editors responsible for this story: Mark Milian at mmilian@bloomberg.net, Molly Schuetz

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