Slack will generate a ton of excitement when it lists on the New York Stock Exchange Thursday, CNBC's Jim Cramer said.

The cloud-based communications platform will forgo a traditional IPO in lieu of a direct listing, where a company lists a block of pre-existing shares on the exchange, without any underwriters. NYSE set the reference price for the direct listing at $26 per share late Wednesday.

"I'm willing to let you pay $40. ... That's well above. Now if you can get it below that, that's even better. If not, you keep your bat on your shoulder," the "Mad Money" host said. "Slack is a great story ... but we still got to be disciplined if you want to start a position in this one."

Slack is a collaboration software company and alternative to email that's popular among professionals. Cramer called it a "fresh-faced" enterprise software play with a strong growth rate.

"This is exactly the kind of stock that investors ... they can't resist it, they can't get enough of it," he said. "So I expect this one to run tomorrow."

Slack offers both free and paid subscription versions, including a higher-priced option that has additional services. The company sports 10 million daily active users and serves about 600,000 entities that have at least three users. Only about 95,000 of those organizations are using the paid product, but that includes about 60 of the Fortune 100, Cramer added.

"The numbers are the reason why I'm betting Slack will generate so much excitement," the host said.