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Pivotal Software Plans To Raise $592M With IPO, Dell Will Control Voting Power

Pivotal Software, in which which Dell Technologies owns a majority stake, says it will price shares between $14 and $16 for its initial public offering.

Dell Technologies-backed Pivotal Software anticipates its initial public offering of 37 million Class A shares to raise up to $592 million, with a share price of between $14 and $16.

Round Rock, Texas-based Dell is currently Pivotal's majority stockholder. In an S-1 form filed with the U.S. Securities and Exchange Commission Monday, Pivotal stated, "Dell Technologies will own, indirectly through its subsidiaries, 175,514,272 shares of our outstanding Class B common stock, which will represent approximately 70.1 (percent) of our total outstanding shares of common stock and approximately 95.9 (percent) of our combined voting power immediately after this offering."

Other major Pivotal shareholders include Microsoft, Ford and GE. The company plans to list on the New York Stock Exchange under the ticker symbol PVTL.

[Related: 10 Things You Need To Know About Pivotal's IPO]

Dell Technologies stock is up 2 percent to $72.66 per share as of Monday afternoon.

Pivotal filed for an IPO March 23. The company reported a loss of $163 million on a 23 percent increase in sales to $509 million for its fiscal year 2018, ended Feb. 2, 2018.

The public offering comes on the heels of Dell Technologies considering strategic options that include going public or merging with its subsidiary VMware. Dell CEO Michael Dell said earlier this year that the Round Rock, Texas-based company is evaluating the two "potential business opportunities" with the desire to grow the company "even faster and thrive in the very dynamic IT marketplace."

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