Pivotal Software, a DellEMC spin-off providing a platform for enterprises to manage cloud-based apps, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $500 million.
The San Francisco, CA-based company's predecessor was founded in 1989 and it booked $509 million in sales for the 12 months ended February 2, 2018. The company (PIVI.RC) has not disclosed an exchange or proposed ticker symbol. Pivotal Software filed confidentially on December 15, 2017. Morgan Stanley, Goldman Sachs, Citi, BofA Merrill Lynch, Barclays, Credit Suisse, RBC Capital Markets, UBS Investment Bank and Wells Fargo Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
