EMC's VMware unit prices IPO

VMware Inc., the West Coast-based unit of Hopkinton's EMC Corp., priced its initial public offering yesterday, offering $29 per share, with the goal of raising a total of $957 million.

The much-anticipated offering of the California virtualization software maker caused a stir last week, when the company raised the price range for the IPO by $4 per share.

Aside from EMC, which would maintain a majority stake in the company, California-based Cisco Systems Inc. has agreed to invest approximately $150 million in the company, while Intel Corp., also in California, plans to invest $218 million.

VMware, which reported an $87 million profit on $704 million in revenue in 2006, sells its software to more than 20,000 organizations worldwide, according to the company.

The company was founded in 1998, and was acquired by EMC in 2004 for $625 million.

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