Dell debuts at $46 in return to market


A logo of Dell Technologies is seen at the Mobile World Congress in Barcelona, Spain February 28, 2018. REUTERS/Yves Herman

(Reuters) – Dell Technologies Inc’s Class C shares opened at $46 in their return to public markets on Friday, after the company bought back shares tied to its interest in software maker VMware earlier in the month.

Dell bought back its shares for $23.9 billion, up from its earlier offer of $21.7 billion. The deal, which was announced in July, allowed Dell to become a publicly listed company without an initial public offering, which would likely have involved grilling by stock market investors over Dell’s $52.7 billion debt pile.

Reporting By Aparajita Saxena in Bengaluru; Editing by Shinjini Ganguli

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