Covisint jumps following IPO, Compuware down slightly

After pricing its 6.4M-share IPO at $10, Covisint (COVS) opened at $12.77 and is currently at $12.92, up 29.2%. That's good for a market cap of $470.3M, or 5.2x FY13 (ended March '13) sales.

Compuware (CPWR -0.4%), which owns 82% of the cloud engagement/collaboration platform provider post-IPO, is off slightly. Compuware has said it plans to fully distribute its Covisint stake to shareholders within 12 months of the IPO.

S-1, IPO preview

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