Pivotal Software, a software development services spinoff from computing technology provider Dell, has filed to raise up to $100m in an initial public offering.
Pivotal provides software development services for corporate clients through its Pivotal Cloud Foundry, which makes it easier to create and operate new cloud-native applications and update legacy applications.
The company made a $163m net loss in the year leading up to February 2018 from $509m in revenue.
EMC, the cloud computing technology provider acquired by Dell in 2016, spun out Pivotal in 2013 with $104m in funding from industrial technology and appliance producer General Electric, which took a 10% stake.
Pivotal raised another $653m in 2016 at a $2.8bn valuation, $400m of which consisted of converted debt financing from EMC. Carmaker Ford provided $182m for the round, GE $45.8m and EMC subsidiary VMware $20m, while software provider Microsoft also took part.
EMC owns almost 263 million class A shares in the company, while VMware holds 88.4 million, GE 38.8 million and Ford 35 million.
Investment banks Morgan Stanley and Goldman Sachs have been appointed lead underwriters for the offering.
The other underwriters are Citigroup Global Markets, Merrill Lynch, Pierce, Fenner & Smith, Barclays Capital, Credit Suisse Securities (USA), RBC Capital Markets, UBS Securities, Wells Fargo Securities, KeyBanc Capital Markets and William Blair & Company.