Pivotal Systems IPO

Pivotal Systems, Inc.

28.1% of portfolio as of 12/31/18

IPO - July 2, 2018

Pivotal supplies flow control solutions to the semiconductor industry. The Fund's initial investment in Pivotal was made in 2012, and we have invested approximately $19.4 million in the company to date. We now hold 53,758,441 shares of common stock, representing 42.9% ownership of Pivotal's common stock, on a fully diluted basis. Pivotal currently trades on the Australia Securities Exchange (ASX) under the symbol "PVS."

As is customary in initial public offerings in Australia (and in the U.S.), we have entered into agreements (commonly called lock-up agreements) that restrict us from selling our Pivotal shares for a period of time. We currently expect approximately 70% of our Pivotal shares to be locked up for 24 months following the IPO. The remaining 30% of shares are expected to be released from escrow (lock-up) in three stages, as follows: (1) approximately 6% upon the filing of Pivotal's fiscal 2018 financial statements, (2) approximately 10.5% upon the filing of Pivotal's first-half 2019 financial statements, and (3) approximately 13.5% upon the filing of Pivotal's fiscal 2019 financial statements.

IPO History

  • Year founded: 2009
  • SVVC initial investment: 2012
  • IPO date: 7/2/18
  • Symbol: ASX:PVS