Pivotal Software IPO Off To Modest Start In Early Trading
The $15 price values Pivotal at $3.75 billion, according to Marketwatch, boosting the value of shares held by principal shareholder Dell Technologies, as well as Ford and Microsoft. The shares are expected to trade on the New York Stock Exchange from today.
Pivotal's IPO will reduce Dell's debt load, analysts say.
The stock offering gives Pivotal a valuation of about $3.8 billion, based on the number of shares the company's regulatory filing says will be outstanding. (It's unclear whether Microsoft still has a stake.) General Electric also planned to invest $105 million for a 10 percent share in 2013. PCF runs applications across private, public and multi-cloud environments; Pivotal Application Service, (PAS), its flagship cloud-native application platform allows enterprises to continuously deploy and operate custom software as well as new and existing applications securely and at scale across popular private and public clouds; and Pivotal Container Service (PKS), which enables the deployment and running of Kubernetes, an open source system for container workloads across private and public clouds.
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The enterprise cloud computing company has been majority-owned by Dell, which came about after its merger with EMC in 2016. Pivotal is a key component of the software part of Dell's portfolio. Its revenue is split about equally between subscription sales of its cloud platform and services, but Mee said he expects that the quicker growth of subscription-based offerings will change that mix in the future.
In addition, Pivotal offers a training and consulting service for companies and their developers, called Pivotal Labs. That will especially be true with VMware selling its products, he said. For the fiscal year ended February 2, Pivotal reported revenue of $509.4 million, up 22% from the year-ago period. Losses for fiscal 2018 stood at $163.5 million, improved from the than the negative $232.5 million seen in 2017 and $282.5 million in 2016.
Net losses haven't kept investors from buying up stock in other public tech companies.
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