Monday, April 9, 2018

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

Agile software development tools company Pivotal--which is 80% owned by Michael Dell-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. The filing also significantly raises the amount of funding that Pivotal hopes to raise in its IPO. At $16.00 per share, the offering would raise $680.8M in funding for Pivotal, a big bump from the initial $100M filing for the company. Pivotal has applied to list on the New York Stock Exchange as PVTL. Michael Dell owns 80.8% of the firm before the IPO, including his ownership of Dell Technologies, EMC Corporation, and VMware.