5 Biggest IPOs Hedge Funds Are Betting On

3. Pivotal Software (PVTL)

Pivotal Software (PVTL) is the provider of a cloud-based software development platform that operates through two divisions: Pivotal Labs, which provides consulting services, and Pivotal Cloud Foundry, which provides cloud-related services. The company is based in San Francisco and Palo Alto, California, and has a few other offices as well.

It started trading at $15 per share, which was the middle of its suggested IPO price range, raising $555 million. At the end of its first trading day, shares rose to $15.73. In its first quarterly financial report since it went public, Pivotal Software (PVTL) reported a 28% increase in revenue, alongside a net loss of $32.5 million, or $0.32 per share, on revenue of $155.7 million. As of the end of June, 21 hedge funds reported holding long positions in the company, collectively owning 4.10% of Pivotal Software’s outstanding shares.