Cloud Platform Provider Covisint Goes Public
September 27, 2013
Grazed from TalkinCloud. Author: Chris Talbot.
In a move that represents one of the first pure cloud players to go public, Covisint unveiled its initial public offering (IPO) of 6.4 million shares this week. But this isn’t a typical Silicon Valley IPO story, as Covisint is a wholly owned subisidary of Compuware, technology performance solutions provider.
Covisint joined the Nasdaq Global Select Market to offer its shares to potential investors at $10 per share, starting yesterday. The shares being offered represent 17.6 percent of its issued and outstanding shares. Credit Suisse acted as the lead bookrunner for the IPO, with Pacific Crest Securities acting as joint bookrunner. Evercore acted as co-manager…
Charles King, president and principal analyst of Pund-IT, called the IPO an "interesting strategy," but because Covisint is a subsidiary of the much-larger Compuware, this IPO "doesn’t really fit the classic startup-to-IPO Cinderella story so common in Silicon Valley."…
Read more from the source @ http://talkincloud.com/paas/cloud-platform-provider-covisint-goes-public