Caesarstone (CSTE) IPO Prices at $11, Below Expected Range
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Caesarstone Sdot-Yam Ltd. (Nasdaq: CSTE) priced its initial public offering of 6,660,000 shares at $11, below the expected $14-$16 range. Shares will open today on the Nasdaq under the stock symbol "CSTE."
J.P. Morgan Securities LLC, Barclays Capital Inc. and Credit Suisse Securities (USA) LLC are the joint bookrunning managers for the offering, and Robert W. Baird & Co. Incorporated and Stifel, Nicolaus & Company, Incorporated are the co-managers for the offering.
Caesarstone is a leading manufacturer of high quality engineered quartz surfaces sold under our premium Caesarstone brand. While the use of quartz is relatively new, it is the fastest growing material in the countertop industry and continues to take market share from other materials, such as granite, manufactured solid surfaces and laminate. Between 1999 and 2010, global engineered quartz sales to end-consumers grew at a compound annual growth rate of 16.4% compared to a 4.4% compound annual growth rate in total global countertop sales to end-consumers during the same period.
From 2005 to 2007, the company revenue grew at a compound annual growth rate of 37.9%, and during the more challenging global economic environment from 2007 to 2011, at a compound annual growth rate of 18.7%. In 2011, the company generated revenue of $259.7 million, net income attributable to controlling interest of $29.1 million, adjusted EBITDA of $58.8 million and adjusted net income of $34.8 million.
Keep up to date on the Caesarstone IPO at StreetInsider.com's IPO Insider.
J.P. Morgan Securities LLC, Barclays Capital Inc. and Credit Suisse Securities (USA) LLC are the joint bookrunning managers for the offering, and Robert W. Baird & Co. Incorporated and Stifel, Nicolaus & Company, Incorporated are the co-managers for the offering.
Caesarstone is a leading manufacturer of high quality engineered quartz surfaces sold under our premium Caesarstone brand. While the use of quartz is relatively new, it is the fastest growing material in the countertop industry and continues to take market share from other materials, such as granite, manufactured solid surfaces and laminate. Between 1999 and 2010, global engineered quartz sales to end-consumers grew at a compound annual growth rate of 16.4% compared to a 4.4% compound annual growth rate in total global countertop sales to end-consumers during the same period.
From 2005 to 2007, the company revenue grew at a compound annual growth rate of 37.9%, and during the more challenging global economic environment from 2007 to 2011, at a compound annual growth rate of 18.7%. In 2011, the company generated revenue of $259.7 million, net income attributable to controlling interest of $29.1 million, adjusted EBITDA of $58.8 million and adjusted net income of $34.8 million.
Keep up to date on the Caesarstone IPO at StreetInsider.com's IPO Insider.
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