Pivotal shares close up 5% after first trading day
Pivotal Software Inc. stock gained 4.9% Friday to close at $15.73. Friday was the first day the cloud software maker’s stock traded on public exchanges, after pricing its IPO at $15, the mid point of the $14 to $16 range. That $15 price values the software company at $3.75 billion based on shares outstanding as of the offering, and has raised at least $555 million from the offering. Pivotal offered 33,117,000 shares of Class A stock, and selling-shareholder Generic Electric Co. offered 3,883,000 shares of Pivotal’s Class A stock, which amounted to about 20% of the company’s stake in Pivotal.