UPDATE 2-Caesarstone Sdot-Yam closes slightly above IPO price
March 22 (Reuters) - Shares in Caesarstone Sdot-Yam Ltd closed marginally above their offer price on Thursday, after the Israel-based quartz slab maker priced its IPO below the expected range.
The company, whose slabs are primarily used as kitchen countertops, priced its initial public offering at $11 a share and the stock had opened slightly off on Thursday. It had earlier expected the offering of 6.66 million shares to be priced between $14 and $16 apiece.
Caesarstone's shares traded between $10.70 and $11.52 on Thursday, before closing at $11.11 on the Nasdaq.
The company, which raised $62.3 million in proceeds from the offering, is valued at about $360 million at the closing price.
Caesarstone, which sells its products in 42 countries around the world, was founded in 1987 by Kibbutz Sdot-Yam, a communal society in Israel that will beneficially own about 55 percent of the company's outstanding shares.