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Pivotal Software expects up to US$592m from IPO

10 Apr 2018

Dell-backed Pivotal Software has announced the launch of its initial public offering of 37 million Class A shares.

With the price of the shares presumed to be between $14.00 and $16.00, the company expects to raise up to $592 million from the sale.

Pivotal is offering 33,117,000 shares of its Class A shares and General Electric, the selling stockholder, is offering 3,883,000 shares of Class A common stock, which represents around 20% of General Electric’s position in Pivotal.

The underwriters of the offering will also have a 30-day option to purchase from Pivotal up to an additional 5,550,000 of its Class A common stock.

Additionally, Pivotal has applied to list its Class A common stock on the New York Stock Exchange under the ticker symbol “PVTL.”

Morgan Stanley, Goldman Sachs & Co. LLC and Citigroup are acting as lead book-running managers for the offering. BofA Merrill Lynch, Barclays, Credit Suisse, RBC Capital Markets, UBS Investment Bank and Wells Fargo Securities are acting as book-running managers.

KeyBanc Capital Markets and William Blair as well as Mischler Financial Group, Inc., Ramirez & Co., Inc., Siebert Cisneros Shank & Co., L.L.C. and The Williams Capital Group, L.P. are acting as co-managers.

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