3. Proceeds from IPO will pay down debt.
"The company is going to use $465 million of the proceeds from the IPO to retire a major chunk of high-interest debt due in 2015, so that after it comes public, Pinnacle will have just $2 billion in debt," Cramer said. In turn, that makes the balance sheet more attractive.
4. Shareholder friendly business strategy could attract investors.
Cramer thinks the management team deserves a nod for the shrewd moves they've been making, recently.
"They're getting out of lower-margin businesses and they've cut costs," he said. "Also management has explained that while the first half of 2012 was tough, the second half was much better, and the environment seems to be improving."
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All told, Cramer likes the potential. But that doesn't mean the stock is a buy at any price – not at all.
Pinnacle plans to sell 29 million shares at a price range of $18 to $20. The company intends to pay an 18-cent per share quarterly dividend, so at the mid-point of the range, that gives you a terrific 3.8% yield.
So where can this stock go?
After crunching the numbers and comparing metrics to rival B&G, Cramer said "I think $30 is a pretty reasonable target."
However, it's also worth noting that IPOs can be the deep end of the pool, so if the stock idea appeals to you, make sure to pre-determine your entry level. Irrational exuberance is the enemy.
At $18-$20, Cramer is a buyer. "I like it even if they raise the price range up to $22, but there and only there -- no higher," he said.
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