UPDATE 2-Caesarstone Sdot-Yam closes slightly above IPO price

Thu Mar 22, 2012 4:38pm EDT

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.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.