March 6 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
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."