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Covisint surges in 1st day as publicly traded co.

[September 27, 2013]  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.

[Associated Press]

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