(Reuters) – Slack Technologies, operator of the popular workplace instant-messaging app, reported an annual loss of $140.7 million, the company said on Friday ahead of its planned public market debut.

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

Slack’s daily active users exceeded 10 million in the three months ended Jan. 31, 2019, with its paid users at about 88,000, the company’s regulatory filing bit.ly/2vp05DG showed.

The San Francisco-based company is seeking to go public via a direct listing, making it the second big technology company after Spotify Technology SA to bypass the traditional route of listing its shares through an initial public offering.

A direct listing is a cheaper way of becoming