Pivotal Software, Inc. announced the pricing of its initial public offering of 37,000,000 shares of its Class A common stock at a price to the public of $15 per share. Pivotal shares are expected to begin trading on the New York Stock Exchange today under the ticker symbol “PVTL.”
San Francisco-based Pivotal is offering 33,117,000 shares of its Class A common stock and General Electric, the selling stockholder, is offering 3,883,000 shares of Class A common stock (which represents approximately 20% of General Electric’s position in Pivotal).
Founded in 2013, Pivotal products include Pivotal Cloud Foundry (PCF), a cloud-native platform that deploys and operate modern applications with speed, and takes a modern, highly automated approach to security. 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. Pivotal Container Service eases the Day 2 operations burden for container orchestration with built-in high-availability, monitoring, and automated health checks.
The offering is expected to close on April 24, 2018, subject to customary closing conditions.
Pivotal has granted the underwriters a 30-day option to purchase up to an additional 5,550,000 shares of its Class A common stock.