The clock has finally started on the VMware iPO. According to reports today, EMC will partially spinoff its VMware division as a public company on August 14th. It will be 33-million shares priced $23 to $25, which is lower than I would have expected — and likely to be adjusted higher as the book fills.
I’m guessing VMware will come public with around a $10-billion market cap, which, among other things, is another $9-billion to EMC given its 90% holding.
Underwriters are Citi, J.P. Morgan, Lehman, Credit Suisse, and Merrill.