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Compuware Announces Pricing Of Covisint Initial Public Offering

DETROIT, Sept. 25, 2013 (GLOBE NEWSWIRE) -- Compuware (Nasdaq:CPWR) today announced the pricing of its initial public offering of 6.4 million shares of its wholly-owned subsidiary Covisint Corporation's common stock at a price to the public of $10 per share. The shares are expected to begin trading on the Nasdaq Global Select Market on September 26, 2013, under the symbol "COVS."
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Covisint is selling 6.4 million shares of its common stock, representing approximately 17.6% of its issued and outstanding shares (if the over allotment option is not exercised). In addition, the underwriters of the offering have a 30-day option to purchase up to an additional 960,000 shares of common stock from Covisint at the initial public offering price, less underwriting discounts and commissions, to cover over-allotments, if any.

Credit Suisse acted as lead bookrunner for the offering, with Pacific Crest Securities acting as joint bookrunner. Evercore acted as co-manager.

A registration statement related to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. The offering is being made only by means of a prospectus. A copy of the prospectus may be obtained from Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York 10010, 1-800-221-1037.

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