Slack messages $140.7 million loss in the YEAR 2019 as it prepares to go public

(Reuters) – the Slack Technologies Inc., operator of the popular workplace instant-messaging app, reported a loss of $140.7 million in the fiscal year that ended Jan. 31, 2019, the company said on Friday in a regulatory filing to the planned public market debut.

FILE PHOTO: the side of The app logo is seen on a smartphone in this photo image September 15, 2017. REUTERS/dado Ruvic/Illustration

The company said that its daily active users, more than 10 million euros in the three months ending Jan. 31, 2019.

Slack expects that trading on the New York Stock Exchange under the symbol “SK”, he said.

The San Francisco-based company is looking to the general public through a direct listing, making it the second big technology company after Spotify Technology SA to bypass the traditional route of listing of shares through an ipo.

A direct list is a cheaper way to use a public company as the process requires less investment banks and thus lower costs.

In a direct quotation, but a company does not sell new shares to raise money. Instead, it gives the existing shareholders the opportunity to cash out.

Slack is the latest in a series of high-profile technology companies looking to go public this year. Lyft Inc., Pinterest and Zoom Video Communications have completed Ipos so far in 2019.

The company is hoping for a valuation of more than $10 billion in the list, Reuters had previously reported. Some early investors and employees sell the stock at around $28, valuing the company at close to $17 billion, Kelly Rodriques, CEO of the Forge, a brokerage firm, told CNBC on Thursday.

Slack set a placeholder for an amount of $100 million to give to the size of the IPO. The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO may differ.

Its competitors are Microsoft Teams, a free chat add-on for Microsoft Office365 users.

Reporting By Aparajita Saxena and Joshua Franklin in New York; Editing by Leslie Adler and Anil D’silva

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