Caesarstone Goes Public

Caesarstone Ltd., makers of Caesarstone Quartz Surfacing, began trading on the NASDAQ market March 22, with initial action sticking close to the $11 initial public offering (IPO) price. After 2 months, the stock, trading under the ticker symbol of CSTE has fluctuated between $10.70, at its early low point, to as high as $12.75. The stock’s $11 IPO of approximately 6.7 million shares came in below the $14 to $16 range noted by the company in its earlier filings with the U.S. Securities and Exchange Commission (SEC). The offering sought to raise between $73 million and $74 million. Firms managing the offering were J.P. Morgan Chase & Co., Barclays Capital Inc. and Credit Suisse Group. The IPO follows the company’s acquisition of its former U.S. distributor, Caesarstone USA, in Dec. 2011.