Covisint Prices IPO At Mid-point Of Expected Range - Quick Facts

(RTTNews) - Compuware Corp. (CPWR) announced that its wholly owned subsidiary Covisint Corporation, a cloud engagement platform provider, has priced initial public offering of 6.4 million shares at $10 per share, at middle of estimated range.

In the amended S-1 filing with the SEC, the company had estimated the initial public offering price of 6.4 million of common stock of between $9.00 and $11.00 per share

The Detroit, Michigan-based company 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 about17.6% 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.