UPDATE 1-Caesarstone Sdot-Yam sees IPO priced at $14-$16/shr
March 6 (Reuters) - Caesarstone Sdot-Yam Ltd, which makes engineered quartz slabs, said it expects its initial public offering of 6.66 million shares to be priced between $14 and $16 apiece.
The Israel-based company said it will sell 5.66 million shares and selling shareholders will offer 1 million shares.
Last month the company filed with the U.S. Securities and Exchange Commission to raise up to $115 million in an initial public offering.
Caesarstone, which sells its products in 42 countries around the world, was founded in 1987 by Kibbutz Sdot-Yam, a communal society located in Israel.
After the offering, the society, which currently holds a 70 percent stake in the company, will beneficially own about 55 percent of the company's outstanding shares.
At the midpoint of the expected price range, the company is valued at about $485 million.
Caesarstone will use $25.6 million of the net proceeds to pay a special dividend to existing shareholders.
J.P. Morgan, Barclays, Credit Suisse, Baird and Stifel Nicolaus Weisel are underwriters to the IPO.
Shares of the company are expected to trade on the Nasdaq under the symbol "CSTE."