Boise Cascade shares up in first day of trading
Company returns to public ownership
BOISE, Idaho – Boise Cascade Company today entered a new phase in the company’s history as Chief Executive officer Tom Carlile, joined by other company executives, rang the Opening Bell at the New York Stock Exchange (NYSE) and shares of the company were traded for the first time.
Shares of Boise Cascade are up nearly 27 percent in their first day of trading.
Boise Cascade Co.'s stock gained $5.65, or 26.9 percent, to $26.65 Wednesday morning while the broader markets edged lower.
The NYSE’s recognition of Boise Cascade commemorates the company’s initial public offering (IPO) of stock Wednesday as the closely-watched wood products manufacturer and building materials distributor marked its new status as a publicly traded company. The Boise, Idaho company raised $247.1 million in its initial public offering.
Boise Cascade said late Tuesday it sold 11.8 million shares for $21 each, above its expected range of $16 to $18. The stock is listed under the "BCC" symbol on the New York Stock Exchange.
Such trading for the maker of wood products and building materials comes as the housing market continues to show signs of a recovery. Improvements in the job market and overall economy and low interest rates appear to be boosting demand for homes.
“This is an important day in the history of Boise Cascade -- and it’s a testament to the dedication and determination of the company, its employees, and its community partners across the country,” Carlile said. “We are excited about the future of the company.”
Boise Cascade Company is a leading manufacturer of engineered wood products, plywood, lumber, and particleboard and distributor of a broad line of building materials, including wood products manufactured by the company.
Boise Cascade Company owns 49 facilities throughout North America.