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Caesarstone Prices IPO At $11/Share, Below Estimated Range

Caesarstone Sdot-Yam Ltd., a manufacturer of high quality engineered quartz surfaces, announced the pricing of its initial public offering of 6.6 million ordinary shares at $11.00 per share. The closing of the offering is scheduled to take place on March 27, 2012.

In an amended Form F-1 filing with the U.S. Securities and Exchange Commission on March 16, the company had estimated pricing between $14.00 and $16.00 per share.

The Israel-based company said in the filing that it will sell 5.66 million shares and selling shareholders will offer 1 million shares.

The underwriters have been granted a 30-day over-allotment option to purchase up to 999,000 additional shares from the Company to cover over-allotments, if any.

The company's ordinary shares are expected to start trading on the Nasdaq Global Select Market on March 22, 2012 under the symbol "CSTE".

The company said that it will not receive any proceeds from the sale of shares by the selling shareholders. Caesarstone intends to use a part of offering proceeds to pay a special dividend to existing shareholders.

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.

by RTTNews Staff Writer

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