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Pivotal Software, Inc. Prices Initial Public Offering

SAN FRANCISCO--(BUSINESS WIRE)--

Pivotal Software, Inc. (“Pivotal”) today 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 $15.00 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). Pivotal shares are expected to begin trading on the New York Stock Exchange on April 20, 2018 under the ticker symbol “PVTL.” 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.

About Pivotal

Founded in 2013, Pivotal Software, Inc. combines our leading cloud-native platform, tools, and methodology to empower the world’s largest organizations to adapt to change and build great software. Our technology unleashes developer productivity, while fulfilling our mission to transform how the world builds software.

Source: Pivotal Investor Relations

©2018 Pivotal Software, Inc. All rights reserved. Pivotal is a trademark and/or registered trademark of Pivotal Software, Inc. in the United States and/or other countries.

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