Boise Cascade Company started a second life as a publicly traded corporation Wednesday with an IPO that sent its New York Stock Exchange shares rising 24 percent to $26.12.
The Boise-based company has 49 U.S. facilities, making wood products and building materials. It operates plywood and lumber mills in Colville and Kettle Falls and a distribution center in Spokane
The first Boise Cascade Corp. traded on the New York Stock Exchange until 2003 and was one of the country’s largest wood products companies. In 2004 the company sold its paper, building products and timberland assets to private equity firm Madison Dearborn.
Madison Dearborn spun off the paper products and packaging unit into OfficeMax. Madison Dearborn also renamed the forest products operation as Boise Cascade Company.
In February 2008 the company spun off its paper and packaging operations and continued operating Boise Cascade as a limited liability corporation.
Industry analysts have said the company’s decision to issue an IPO in early 2013 made sense in light of the rebounding U.S. housing market.