(Reuters) - The New York Stock Exchange on Wednesday set the reference price for Slack Technologies Inc's direct listing at $26 per share.
At this price, the owner of the workplace instant messaging app is valued at around $16 billion.
Slack, which will list its shares directly on the NYSE on Thursday, is the second high profile technology company after Spotify (NYSE:) Technology SA to shun a traditional listing.
The reference price is not an offering price, the NYSE notice said. The opening public price will be determined by buy and sell orders collected by the NYSE from broker-dealers.
Slack's direct listing could further pave the way for companies looking to go public without the help of Wall Street underwriters who charge millions of dollars in fees.
The company offers an internet-based platform that allows teams and businesses to communicate with each other and directly competes with Microsoft (NASDAQ:) Corp's Teams.
San Francisco-based Slack, whose customers include Electronic Arts Inc (NASDAQ:), Nordstrom Inc (NYSE:) and Ford Motor (NYSE:) Co, has around 600,000 organizations using its service, and 95,000 paid customers.
would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.