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Caesar Stone eyes NASDAQ IPO in March

Quartz surfaces manufacturer allocates 25% of its shares on $500 million market cap after cancelling IPO planned for 2011; company's earning for 2011 reach $260 million

Caesar Stone's IPO is back on: Kibbutz Sdot Yam and the Tene investment fund are preparing for the Caesar Stone's NASDAQ IPO in early March, Calcalist learned. The initial public offering will have a $400-$500 million market cap. J.P. Morgan, Barclays and Credit Suisse will underwrite the IPO.

 

Originally, the offering was scheduled for late 2010 but was put off due to the market slump. In 2011, the company suspended all of its plans for the IPO. After several delays, it seems that now Caesar Stone will make every effort to see the NSDAQ offering through. The company deems the IPO viable at this time, due to the noted improvement in the US market.

 

Caesar Stone will attempt to raise $100-$125 million by issuing 25% of its shares.  are that Sdot Yam and Tene hope to sell shares according to an sale agreement.  

The fund's conditions stipulate that it sell its holdings in the company by 2012.  

 

Caesar Stone is held by Kibbutz Sdot Yam (70%) and the Tene Fund (30%). Eighty Eighty percent of the company's revenues are from overseas business. In 2011, the company's sales amounted to some $260 million, compared to $200 million in 2010.

 

Operational profits for 2011 came to $60 million compared to $42 million in 2010 and net income climbed to about $30 million from $20 in 2010. The company is currently preparing an updated prospectus that will be submitted ahead of the IPO.

 

The original story was published by Calcalist

 

 

 

 

 

 

 


פרסום ראשון: 02.11.12, 08:03
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