Pivotal Software, a DellEMC spin-off providing a platform for enterprises to manage cloud-based apps, announced terms for its IPO on Monday.
The San Francisco, CA-based company plans to raise $555 million by offering 37 million shares (10% insider) at a price range of $14 to $16. At the midpoint of the proposed range, Pivotal Software would command a fully diluted market value of $4.3 billion.
Pivotal Software was founded in 1989 and booked $509 million in sales for the 12 months ended January 31, 2018. It plans to list on the NYSE under the symbol PVTL. 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. It is expected to price during the week of April 16, 2018.
