Caesarstone Bat Yam Ltd. raised a gross $73 million in its Nasdaq IPO, below the gross $79.2-90.6 million it had planned to raise, at a company value of $485 million. The offering was priced at $11 per share, less than the $14-16 per share it had hoped for.
Caesarstone, a manufacturer of high-quality engineered quartz surfaces, offered 6,660,000 shares, and the underwriters have an over-allotments option to buy an additional 999,000 shares. The shares will begin trading today under the ticker CSTE.
JP Morgan Securities LLC, Barclays Capital Inc., and Credit Suisse Securities (USA) LLC are the joint bookrunners for the offering, and Robert W. Baird & Co. Inc. and Stifel, Nicolaus & Company Inc. are the co-managers.
Published by Globes [online], Israel business news - www.globes-online.com - on March 22, 2012
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