Pivotal Software, a division of Dell that offers a cloud-native platform for enterprises that delivers "any app to every major private and public cloud", announced the launch of its initial public offering of 37,000,000 shares of its Class A common stock. Pivotal says its foundry platform helps improve software developer productivity, operational efficiency, security and availability for enterprise apps. High availability. Ops tea Pivotal is offering 33,117,000 shares of its Class A common stock and General Electric, the selling stockholder, is offering 3,883,000 shares of Class A common stock (which represents approximately 20% of General Electric’s position in Pivotal). The initial public offering price is expected to be between $14.00 and $16.00 per share.
This would raise up to $592 million.
Pivotal is seeking a listing on the New York Stock Exchange under the ticker symbol "PVTL".
Pivotal Software was formed as an independent company in 2012 after spinning out of EMC Corp. and VMware (which was majority-owned by EMC). In 2013, GE invested $105 million for a 10% stake.
