Covisint IPO Is A No-Go

From IPO Analysis from Seeking Alpha
September 19, 2013 - 2:50pm

By Don Dion: Covisint Corporation (COVS), a Detroit, Michigan based provider of a cloud-based platform that allows organizations to securely connect with large groups of clients, partners, and suppliers, announced its upcoming IPO this past Wednesday, September 11 and expects to go public on September 26th. The firm plans to raise $64 million in the IPO. The firm will offer 6.4 million shares at an expected price between $9 and $11. Assuming the shares hit the midpoint of that range at $10, COVS will command a market value of $395 million.COVS filed confidentially on December 14, 2012.Joint Managers: Credit Suisse, Evercore Partners, Pacific CrestSUMMARYCovisint offers its cloud engagement platform in the platform-as-a-service model. The platform is designed to allow firms to streamline and automate business functions securely, as well as to provide secure communications between firms and their clients, partners, and suppliers.Covisint relies heavily on two sectors ofComplete Story »


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