Caesarstone IPO watch: Caesarstone Sdot-Yam, submitted to the IPO amendment filings on Tuesday and intends to land on the Nasdaq Stock Exchange under the ticker symbol “CSTE”. The company offers 6.6 million shares of common stock (the company offers 5.6 million shares and selling stockholders offer 1 million shares) at the issue price range of $14 to $16, financing $100 million. The company previously submitted the IPO prospectus in February. JP, Morgan and Barclays Capital are working as the Caesarstone IPO’s lead underwriters. Read more about the Caesarstone IPO prospectus.
Sales in 2011 were $2.6 million, an increase of 31% year on year; net profit was $29 million, flat with the previous year, mainly due to the increase of 112% in marketing and sales expenditures year on year.
Kibbutz Sdot-Yam holds a 70% stake in Caesarstone and the remaining 30% stake is owned by the Israeli private equity firm TeneInvestment Funds.
Caesarstone, founded in 1987, engages in the manufacture of quartz countertops for the table or other indoor space.