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Slack expected to be valued at $196.5M in direct listing.

Slack Technologies Inc. is expecting to be valued at about $196.5 million in its direct listing of 116,953,100 class A common stock, according to a May 20 filing.

The offering will not be underwritten by any investment bank and will be made through brokerage transactions on the NYSE under the symbol WORK.

Slack has opted for a direct listing route for its market debut, allowing existing stakeholders to put shares directly on a public exchange, pricing them based on market demand, compared to traditional IPOs priced by banks hired to ensure demand by buying shares and then selling them to their clients.