Slack is actively planning an upcoming IPO, according to a report from the Wall Street Journal citing unnamed sources. The company is reportedly slating it for the first half of 2019.
About a month ago, Slack confirmed that it raised a $427 million Series H round, which gave it a whopping valuation of over $7 billion. With investment dollars like that–Slack has raised, in total, over $1 billion to date–it was only a matter of time before the company decided to go public.
A Slack spokesperson said the company doesn’t comment on rumors or speculation.
According to the Journal, Slack has yet to hire underwriters, but plans to soon. The tech IPO market is undoubtedly heating up right now. Dozens of companies have made their public debuts over the last few years, including Dropbox, DocuSign, Spotify, and Sonos. Slack is one of the most valued of the bunch.
Of course, the other highly anticipated IPO in recent memory was Snapchat owner Snap Inc., which has not done well as a public company. It opened at $17 per share; today it’s down to $8.51. At the same time, Slack does have over 3 million paid users; Paths to profitability is something investors sure do like to see.
Slack has been taking quiet steps to bulk up. Most recently, it bought the email smart assistant Astro. It’s also been slowly changing its tone to users, to better reflect the enterprise communication juggernaut it has become. Which is to say that it’s growing up, and probably thinks the logical next step is taking the company to the public markets.
You can read the full Wall Street Journal report here.