Boise Cascade Shares rise 27 pct in NYSE debut

Wed Feb 6, 2013 10:54am EST

Feb 6 (Reuters) - Shares of plywood and lumber maker Boise Cascade Co rose as much as 27 percent to $26.75 on Wednesday in their New York Stock Exchange debut.

Boise Cascade, whose products are used in new residential construction and remodeling projects, capitalized on investor enthusiasm for a recovery in the U.S. housing market.

The Boise, Idaho-based company backed by private equity firm Madison Dearborn priced 11.8 million shares at $21, raising $247.8 million. It had raised its price range to $18 to $20 from an earlier range of $16 to $18.

Boise Cascade is one of several recent housing-related IPOs. Tri Point Homes LLC, the first U.S. home builder to go public in almost a decade, raised $233 million in its January listing. Taylor Morrison Home Corp, which builds single family homes, also filed in January to raise $250 million in a public offering.

The U.S. housing market has rebounded as low interest rates and rising rents have pushed many consumers to buy homes.

BofA Merrill Lynch and Goldman Sachs are lead underwriters on the IPO.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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