Covisint, which provides a data sharing platform primarily to the auto and health care industries, announced terms for its IPO on Wednesday. The Detroit, MI-based company plans to raise $64 million by offering 6.4 million shares at a price range of $9 to $11. At the midpoint of the proposed range, Covisint would command a fully diluted market value of $395 million.
Covisint, which was founded in 2000 and booked $94 million in sales for the 12 months ended June 30, 2013, plans to list on the NASDAQ under the symbol COVS. Covisint initially filed confidentially on December 14, 2012. Credit Suisse and Pacific Crest are the joint bookrunners on the deal.
