Monday, April 9, 2018

Pivotal Sets Estimated IPO Range, Bumps Offering To $680M

San Francisco-based Agile software development tools company Pivotal has set the estimated IPO range for its public offering, saying in a filing with the SEC this morning that it now hopes to offer up 37,000,000 shares of its common stock at between $14.00 and $16.00 per share. At $16.00 per share, the offering would raise $680.8M in funding for Pivotal. Pivotal has applied to list on the New York Stock Exchange as PVTL. Pivotal is backed by Michael Dell--who owns 80.8% of the firm before the IPO, including his ownership of Dell Technologies, EMC Corporation, and VMware--along with other investors, including General Electric, and Ford Motor Company.