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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."
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.