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Caesarstone Sdot Yam Ltd. plans to hold a Wall Street IPO, three months after the successful offering by Imperva Inc. (NYSE: IMPV). In a filing with the US Securities and Exchange Commission (SEC), the company plans to raise a gross $115 million on Nasdaq. It has not yet set the company value for the offering.
The IPO includes offers to sell by Caesarstone's owners, Kibbutz Sde Yom and Tene Investment Funds, which own 70.1% and 29.9% of the company, respectively. Emilia Development (OFG) Ltd. (TASE:EMDV), which notified the TASE today that directly and indirectly owns 12.9% of Tene, will also see a capital gain from the IPO.
Caesarstone will trade under the ticker "CSTE". The company, founded in 1987, manufactures quartz surfaces for countertops and interior surfaces. According to the filing, revenue rose 31% in 2011, over 2010, to $259.7million, but net profit was flat at $29.3 million, partly due to a 112% increase in marketing and sales costs.
Caesarstone has $12 million in cash, and will distribute a $25.6 million after the IPO. It has 838 employees, including 533 in Israel, 161 in the US, 72 in Australia, 45 in Canada, and 72 in Asian countries. The company's biggest market is Australia, which accounted for 34% of total revenue in 2011, followed by the US, with 23%, and Israel, with 14.9%.
The underwriters for the IPO are JP Morgan Securities LLC, Barclays Capital Inc. and Credit Suisse Securities (USA) LLC, and Robert W. Baird & Co. Inco. and Stifel, Nicolaus & Company Inc. are the co-managers.
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