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MarketWatch First Take: Pivotal IPO falls short of recent cloud hysteria

The recent hysteria for new cloud-software stocks seemed to ease a bit Friday with Pivotal Software Inc.’s initial public offering, but there are obvious questions about whether that is an issue with Pivotal or if enthusiasm is waning overall.

Pivotal PVTL, +4.87% went public at $15 a share, raising at least $555 million at a valuation of $3.75 billion, slightly higher than its private valuation of $3.3 billion. In its first day of action Friday on the New York Stock Exchange, shares rose 4.9%, a much smaller pop than other recent debuts of cloud software companies. Shares of cloud security company Zscaler Inc.

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