Pivotal Software Inc, a cloud software company, began trading on the New York Stock Exchange on Friday under the ticker symbol “PVTL”.
The San Francisco-based company is offering 37 million shares priced at US$15.
Shares of the company opened at US$16.75, nearly 12% above its IPO price.
By the afternoon, the stock had lost some of its gain and was trading at US$15.56.
This just happened @NYSE @pivotal #PVTL pic.twitter.com/DOQrOZgCls
— Ian Andrews (@IanAndrewsDC) April 20, 2018
The software company, a subsidiary of Dell Technologies, Inc (NYSE: DVMT), aims to raise as much as US$555mln.
Pivotal’s client list includes high-profile companies such as General Electric Company (NYSE:GE), Ford Motor Company (NYSE:F), The Boeing Company (NYSE:BA), American Airlines Group Inc (NASDAQ:AAL), and Allianz SE (ETR:ALV).