April 9, 2018 / 10:57 AM / 11 days ago

Dell's Pivotal Software expects IPO to raise up to $592 million

(Reuters) - Pivotal Software Inc, a division of Dell Technologies Inc, said on Monday it expects its initial public offering of 37 million Class A shares to raise up to $592 million.

Pivotal Software said it expects the offering to be priced between $14 and $16 per share. bit.ly/2JwZLsi

The company, which plans to list on the New York Stock Exchange under the ticker symbol “PVTL”, filed for an IPO on March 23.

Reuters had earlier reported that Dell was considering a sale or IPO of Pivotal Software.

Dell, the world’s largest privately held technology company, has been under pressure to boost profitability after its debt-laden acquisition of data storage provider EMC Corp for $67 billion in 2016 failed to meet financial targets due to intensifying price competition.

Reporting by Parikshit Mishra in Bengaluru; Editing by Sriraj Kalluvila

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