Caribbean Cream Ltd, Maker Of Kremi Ice Cream Priced at $375m

CARIBBEAN Cream, the makers of Kremi ice cream products, aims to raise $75 million from its initial public offering. At $1 a share, the company plans to sell 20 per cent of its total share, when the two-week-long IPO opens tomorrow (April 25, 2013).

The offer prices the company at $375 million, which is over six times its last reported earnings and likely four times its book value.

The company had $46 million in equity as at February 29, 2012, while it generated $59.7 million in net profit for the 12 months to November 30, 2012, which means that equity stood closer to $90 million as at the end of last November.