Slack will soon reveal listing prospectus as it prepares to go public

Slack, the popular workplace messaging service, is taking its next step as it prepares to go public.

According to the Wall Street Journal, Slack is planning to release its listing prospectus to the public by Friday. The document will reveal that the messaging startup is set to pull in $500 million in annual revenue for the year, although the company will still not be profitable.

Slack confidentially filed to go public with the Securities and Exchange Commission (SEC) in February. The company is pursuing a direct listing, which means that Slack will sell its shares directly to the public. It’s a rare move as most companies file for an Initial Public Offering (IPO) in order to sell shares through underwriters and raise interest-free money. However, Spotify bucked the trend and successfully went public last year via a direct listing.

The messaging startup was last valued at $7.1 billion in 2018. Slack announced it has more than 10 million daily active users earlier this year.

Slack is currently set to start trading as early as May or June. The messaging platform will join other tech startups like Pinterest and Lyft, which also went public this year.