Story image

Pivotal Software expects up to US$592m from IPO

10 Apr 18

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.

Opinion: Critical data centre operations is just like F1
Schneider's David Gentry believes critical data centre operations share many parallels to a formula 1 race car team.
MulteFire announces industrial IoT network specification
The specification aims to deliver robust wireless network capabilities for Industrial IoT and enterprises.
Google Cloud, Palo Alto Networks extend partnership
Google Cloud and Palo Alto Networks have extended their partnership to include more security features and customer support for all major public clouds.
DigiCert conquers Google's distrust of Symantec certs
“This could have been an extremely disruptive event to online commerce," comments DigiCert CEO John Merrill. 
Schneider Electric's bets for the 2019 data centre industry
From IT and telco merging to the renaissance of liquid cooling, here are the company's top predictions for the year ahead.
China to usurp Europe in becoming AI research world leader
A new study has found China is outpacing Europe and the US in terms of AI research output and growth.
Google says ‘circular economy’ needed for data centres
Google's Sustainability Officer believes major changes are critical in data centres to emulate the cyclical life of nature.
52mil users affected by Google+’s second data breach
Google+ APIs will be shut down within the next 90 days, and the consumer platform will be disabled in April 2019 instead of August 2019 as originally planned.