(CPWR) Compuware’s Covisint Files S-1

As a part of Compuware’s (CPWR) earlier announced restructuring initiatives, the company’s fully owned subsidiary Covisint Corp recently filed an S-1 statement with the Securities and Exchange Commission (“SEC”). Covisint proposes to issue shares of its common stock, which is expected to give the company greater flexibility in pursuing strategic growth opportunities going forward. Credit Suisse Group’s (CS) U.S. division, Credit Suisse Securities LLC will act as lead book-running manager, while Pacific Crest Securities LLC will act as joint book-running manager for the offering. However, Covisint is yet to finalize the number of shares for the Initial Public Offering (“IPO”) and also the price range. Earlier, Compuware had announced that Covisint will offer approximately 20% of Class A stock in the IPO. Compuware is expected to distribute its remaining shares […]