Pivotal Software, Inc. Marks First Day of Trading on New York Stock Exchange

Pivotal Software, Inc. (“Pivotal”), is proud to announce that it has opened for trading as a public company on the New York Stock Exchange (NYSE), under the ticker symbol “PVTL.” Rob Mee, CEO and co-founder, marked the momentous occasion by ringing the First Trade Bell at the NYSE at 9:30 EDT.

In a blog post accompanying the announcement, Mr. Mee said, “Since Pivotal’s founding, we’ve worked toward an ambitious mission—to transform how the world builds software—and we’ve now passed an important milestone in our journey. Getting here has been both exciting and challenging, and we couldn’t have done it without our customers, our partners, and our employees.”

“Pivotal believes that businesses across every industry need to innovate at the speed of startups to succeed in a world increasingly defined by software. We are privileged to work with the world’s largest enterprises to help them transform how they use technology. In turn, these companies will create software that enriches the lives of their customers—and change the world.”

Pivotal cloud-native platform, Pivotal Cloud Foundry, drastically accelerates and streamlines software development by reducing the complexity of building, deploying and operating legacy and modern software applications. In the four years since its founding in 2013, the company grew to over 300 subscription customers. In fiscal 2018, total revenues amounted to US$509 million, including US$259 million, or 73%, growth in year-on-year subscription revenue.

Pivotal entered the Japanese market in 2015, and today supports a wide range of Japanese companies, from established enterprises to small start-ups, from its office in Roppongi, Tokyo.

The initial public offering covers 37,000,000 shares of its Class A common stock at a price to the public of $15.00 per share. 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). 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. Morgan Stanley, Goldman Sachs & Co. LLC and Citigroup are acting as lead book-running managers for the offering. BofA Merrill Lynch, Barclays, Credit Suisse, RBC Capital Markets, UBS Investment Bank and Wells Fargo Securities are acting as book-running managers. KeyBanc Capital Markets and William Blair as well as Mischler Financial Group, Inc., Ramirez & Co., Inc., Siebert Cisneros Shank & Co., L.L.C. and The Williams Capital Group, L.P. are acting as co-managers.

The offering is being made only by means of a prospectus. A copy of the final prospectus may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014 or Goldman Sachs & Co. LLC, 200 West Street, New York, NY 10282, Attn: Prospectus Department.

A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Author: Yash Hirani

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