April 20, 2018 / 3:38 PM / 4 months ago

BUZZ-Dell's Pivotal Software IPO hangs on while General Electric lightens up

** Dell Technologies-backed Pivotal Software hanging on to small premium early on in debut

** PVTL opened ~12 pct above $15 IPO price but then slid to as low as $15.11; shares recently trading at $15.56, about 4 pct above issue

** Cloud-based app provider priced 37 mln shares at the midpoint of filed range for IPO size of $555 mln

** Pivotal offered 33.1 mln shares and General Electric sold 3.88 mln shares, or about 20 pct of its holdings

** Once a joint venture of VMware, EMC and GE, Pivotal became part of Dell after the latter’s $67 bln EMC acquisition in 2016

** Morgan Stanley, Goldman Sachs and Citigroup led a 15-firm underwriting group for the IPO

** Pivotal’s deal comes amid a tough week for IPOs; several deals were either withdrawn or delayed, while others stumbled out of the gate

** Meanwhile, GE surged 8 pct in early trade on a better-than-feared qtr

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