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Stock Building Supply Holdings Inc Announces Closing of Initial Public Offering and Exercise of Underwriters' Option to Purchase Additional Shares

Wednesday, 14 Aug 2013 01:18pm EDT 

Stock Building Supply Holdings Inc 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. Goldman, Sachs & Co., Barclays and Citigroup served as joint book-running managers for the offering. Robert W. Baird & Co. Incorporated acted as lead co-manager, and Stephens Inc. and Wells Fargo Securities, LLC acted as co-managers. 

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0.065 +0.43%
26 Feb 2015