Dell Technologies returned to public markets on Friday, nearly six years after the company’s founder and Chief Executive Officer Michael Dell took it private in what was then the biggest buyout since the financial crisis of 2008.
The computer maker is trading on the New York Stock Exchange under the symbol ‘DELL’, after it bought back shares that tracked the financial performance of software maker VMware, in which Dell held an 81 percent stake. The cash-and-stock deal was worth nearly $24 billion (roughly Rs. 1.7 lakh crores).
Buying back the shares allowed Dell to bypass the traditional IPO process, which would likely have involved grilling by investors over the company’s $52.7 billion (roughly Rs. 3.6 lakh crores) debt pile.
Dell shares opened at $46 (roughly Rs. 3,200) on Friday, marking its market valuation at $16 billion, as per A refinitiv data.