Pivotal Software, a subsidiary of Dell Technologies, has set the expected price for its upcoming IPO in which it hopes to raise $592 million.
On Monday, the enterprise software company in a regulatory filing that it plans to price its shares at $14 to $16 before they start trading on the New York Stock Exchange on April 19. The stock will trade under the NYSE ticker “PVTL”.
Pivotal filed to go public in March on the same day that shares in online storage and workplace software company Dropbox began trading on Wall Street.
Like many business technology companies to have gone public in recent years, including Dropbox and Box, Pivotal is unprofitable, but its sales are increasing. The company had $509 million in sales for its fiscal 2018 ending Feb. 2, a nearly 22% jump from the $416 million it logged the previous year.
Pivotal lost $163.5 million in 2018, a roughly 30% year-over-year decline from $232.9 million.
When Pivotal was founded in 1989, it focused on technology consulting services. In 2012, data center storage company EMC bought Pivotal and then spun out the company in 2013 along with data center software giant VMware. The revamped Pivotal, while still part of EMC and its federation of business units, then changed focus to selling tools for app developers and also providing consulting services for agile development, a trendy way for companies to build software in multiple quick, short iterations.
Since 2013, Pivotal has collected about $1.7 billion in funding from investors like Ford, Microsoft, and GE Ventures, and has a reported post-money private valuation of $2.8 billion, according to investment tracking firms PitchBook and Crunchbase.
Dell Technologies inherited Pivotal when it bought EMC and its federation of companies for $67 billion in 2016.
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When it goes public, Dell Technologies will remain Pivotal’s biggest shareholder.
Update April 10, 10:40 AM PST:
Based on Pitchbook’s revised valuation methodology, Pivotal’s private valuation corrected to say $2.8 billion.