Slack confidentially files for New York listing

Workplace messaging app Slack has confidentially filed to go public in New York today, following months of speculation on the nature of its listing.

No further details were given as to the timing or pricing of its initial public offering (IPO), however the app was said in January to be considering a direct listing instead. This is a process whereby Slack would not raise any additional funding by going public, as no new shares would be issued.

Slack last raised a round of financing from venture capital backers in August, banking $420m (£327.2m) from lead investors Dragoneer and General Atlantic. The platform, which is also backed by the Softbank Vision Fund, has raised almost $1.3bn in funding to date and was privately valued at $7.1bn.

A statement from Slack said: "Slack Technologies, Inc. today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) relating to the proposed public listing of its Class A common stock. The public listing is expected to take place after the SEC completes its review process, subject to market and other conditions."

The listing is likely to take place in the second quarter of 2019, following reports last month that Slack was working with Morgan Stanley, Allen & Co and Goldman Sachs on the process.

The news makes Slack the first unicorn out of the gate for an IPO this year, as fellow tech giants Uber, Lyft, Pinterest and Airbnb are all considering listings in the next 12 months.