Stock Building Supply Announces Closing of IPOAugust 16th, 2013 | Category: Industry News
Stock Building Supply Holdings, Inc. (Stock Building Supply) announced that it has closed its previously announced underwritten initial public offering of 7,000,000 shares of its common stock at a price to the public of $14.00 per share. Stock Building Supply sold 4,411,765 shares and certain selling stockholders sold 2,588,235 shares. In connection with the initial public offering, the underwriters exercised in full their option to purchase an additional 1,050,000 shares of common stock from certain selling stockholders. As a result, the total initial public offering size was 8,050,000 shares.
Stock Building Supply received proceeds, net of underwriting discounts and commissions, of approximately $57.4 million from the offering. Stock Building Supply intends to use the proceeds to the Company from this offering to pay approximately $46.2 million of the outstanding balances under the revolving line of credit under its secured credit agreement and to pay fees and expenses related to the offering. Stock Building Supply will not receive any proceeds from the sale of shares by the selling stockholders.