Covisint surges in 1st day as publicly traded co.September 26, 2013 @ 1:35 pm
NEW YORK (AP) - Shares of Covisint jumped in their first day of trading on the Nasdaq.
The Compuware Corp. subsidiary's stock climbed $2.31, or 23 percent, to close at $12.31 Thursday.
The initial public offering raised $64 million, with 6.4 million shares priced at $10 each, the midpoint of the projected range of $9 to $11.
Software development company Compuware will continue to be Covisint's controlling shareholder, with an approximately 82 percent stake.
Covisint Corp. said in a regulatory filing that it plans to use the offering's proceeds for working capital and other general corporate purposes.
The Detroit company's stock trades under the "COVS" ticker symbol.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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