Boise Cascade expects to use $25 million of the net proceeds to repay borrowings on its revolving credit facility and the remainder for general corporate purposes. Following the IPO, there will be 41.46 million shares outstanding and another 3 million shares have been reserved for a management equity incentive plan the company plans to adopt along with the IPO.
The company manufactures and distributes a variety of wood products used in the construction business. Now, when new home sales are recovering, is a good time for Boise Cascade to hit the markets. The IPO pricing boost makes that pretty clear.
The SEC filing is available here.