The Dell IPO that isn’t an IPO: What you need to know

A few years after leaving the public markets, Dell Technologies Inc. is taking a back door to return.

The company announced Monday a complex plan to go public again that bypasses a traditional, underwritten initial public offering. Dell intends to convert a special stock that tracks the company’s stake in VMware Inc. VMW, +10.24% , known as class V shares, into class C common stock in Dell that will be publicly traded. There will also be an option for investors to cash out class V shares, which were created in the huge merger between Dell and EMC, and Dell says that a VMware special dividend will help fund the transaction.

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