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.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Covisint provides a leading cloud engagement platform for creating and enabling new mission-critical external business processes. Our solutions enable organizations to connect, engage, and collaborate with the critical external audiences that define their success--including customers, business partners and suppliers. Covisint allows its clients to establish a secure, reliable, integrated presence in the cloud, and it provides the kind of engaging information experiences that people everywhere have come to expect. Learn more at www.covisint.com.
Compuware Corporation, the technology performance company, provides software, experts and best practices to ensure technology works well and delivers value. Compuware solutions make the world's most important technologies perform at their best for leading organizations worldwide, including 46 of the top 50 Fortune 500 companies and 12 of the top 20 most visited U.S. web sites. Learn more at: http://www.compuware.com.
CONTACT: Press Contacts David Chambers Hill+Knowlton Strategies +1 212 885 0402 firstname.lastname@example.org Joshua Reynolds Blanc & Otus +1 415 281 7151 email@example.com Covisint Investor Relations (866) 319-7659, firstname.lastname@example.org