Slack expects to raise about $197m in direct listing

The Slack app logo is seen on a smartphone in this picture illustration taken September 15, 2017. REUTERS/Dado Ruvic/Illustration/Files

Slack Technologies Inc, the owner of the workplace instant messaging app, said on Monday it expects to raise $196.5 million in direct listing of its class A common shares on the New York Stock Exchange.

Slack is the latest tech company looking to go public this year, following the market debuts of Uber Technologies Inc , Lyft Inc, Pinterest Inc, and Zoom Video Communications.

The company has registered about 117 million of its Class A shares, which is an estimate for the number of shares that will be needed when the stock begins to trade.

Slack has opted for direct listing instead of an IPO, which has been the traditional route to the public markets for companies like Google parent Alphabet and Facebook Inc.

Slack, which said in April it was looking to raise up to $100 million, also changed its ticker symbol to “WORK” from “SK”.