IPO Report: Slack non-IPO: 5 things to know about the direct listing

Slack Technologies Inc. is looking for a better direct-listing fate than Spotify Technology SA.

The music-streaming service reminded tech unicorns late last year that companies don’t have to issue new shares or raise money through a traditional offering if they wish to go public, and now Slack is following in its footsteps. The business-chat company is going public through a direct listing. and its shares are expected to start trading Thursday. Late Wednesday, Slack set its reference price at $26 a share, through they are expected to open significantly higher than that.

Direct listings differ from traditional initial public offerings, in that the company doesn’t issue new shares or seek to raise money through the process of going public.

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