Compuware Corp. (CPWR) announced that its wholly owned subsidiary Covisint Corporation, a cloud engagement platform provider, has filed with the U.S. Securities and Exchange Commission to raise up to $100 million in an initial public offering. But, the number of shares to be sold and the price range for the proposed offering have yet to be determined.
Covisint's shares are expected to be traded on the Nasdaq global stock market under the symbol "COVS".
Credit Suisse Securities (USA) LLC will act as lead book-running manager for the offering, with Pacific Crest Securities (LLC) acting as joint book-running manager. Allen & Company (LLC) will act as co-manager. The offering will be made only by means of a prospectus.
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