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Fenwick Represents Underwriters in Pivotal’s $638.25 Million Initial Public Offering

April 30, 2018

​​Fenwick & West represented the underwriters in the initial public offering for Pivotal Software, Inc. (NYSE: PVTL), a leading cloud-native platform provider that makes software development and IT operations a strategic advantage for enterprises. Pivotal announced the closing of its initial public offering of 42,550,000 shares of its Class A common stock at an initial public offering price of $15.00 per share, including 5,550,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares. Pivotal offered 38,667,000 shares of its Class A Common stock and General Electric, the selling stockholder, offered 3,883,000 shares of Class A common stock, which represented approximately 20% of General Electric’s position in Pivotal.

Morgan Stanley, Goldman Sachs & Co. LLC and Citigroup acted as lead book-running managers for the offering. BofA Merrill Lunch, Barclays, Credit Suisse, RBC Capital Markets, UBS Investment Bank and Wells Fargo Securities acted 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. acted as co-managers.

The Fenwick transaction team included corporate lawyers Jeff Vetter, Jamie Evans, Lara Foster, Jennifer Hitchcock, Amy Zhang, Michelle Fang and Christina Zhao; technology transactions lawyers Brian Hoffman, Emily Bullis and Michael Riskin; executive compensation and employee benefits lawyers Blake Martell and Mona Clee; and tax lawyers Will Skinner and David de Ruig.​