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.