Covisint surges in 1st day as publicly traded co.

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 This material may not be published, broadcast, rewritten or redistributed.)

Top Stories

  • BREAKING
    2 people dead, 4 injured in Marysville-Pilchuck High School shooting

  • Apathy On Mercer
    Jason Rantz says SDOT's unequal treatments of cars will end up severely hurting Seattle

  • Beautiful Mess
    Tom Tangney says 'Birdman' takes flight, then collapses in exhaustion
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.