EMC's software unit VMware is a step closer to an IPO debut.  Shares were priced at $29 on Monday, the high end of the range.

EMC will continue to control an 87% stake in the new company.  VMware's IPO will consist of Class A shares and EMC will retain Class B shares.  The Class B shares will have a 10:1 voting ratio to the Class A shares.  EMC will maintain control of 26.5 million shares of Class A common stock in addition to the total 300 million of Class B shares.

EMC acquired VMware in 2004 for $623 Million, making this IPO an incredibly lucrative deal for EMC as the IPO price values VMware at $10.9 Billion.

VMware will trade on the NYSE under the ticker symbol "VMW".