The company priced its shares at $21 each, higher than the expected range of $18 to $20 per share. Boise Cascade sold almost 11.8 million shares, raising $247 million, and valuing the company at almost $872 million.

Madison Dearborn is retaining 71.6% stake in the company. If the underwriters exercise their option to purchase up to 1.76 million additional shares, the firm's stake would be 68.7%, according to the offering prospectus.

At the IPO price of $21 per share, Madison Dearborn's stake is worth $623.7 million.

Boise, Idaho-based Boise Cascade, which manufactures lumber and building products, posted adjusted Ebitda of $79.6 million on sales of $2.1 billion in the nine months ended Sept. 30, 2012, up from adjusted Ebitda of $8.9 million on sales of $1.7 billion in the same period of 2011.

Madison Dearborn acquired the company via a vehicle known as Forest Products Holdings LLC in 2004 for $3.7 billion. The following year, the private equity firm sold about $1.7 billion in Boise Cascade-owned timberland. In 2008, the company also spun out its paper, packaging and newsprint operations into a new company named Boise Inc.

Boise Cascade said it intends to use $25 million of the net proceeds to repay borrowings under its revolving credit facility and the remainder for general corporate purposes.

The company's shares trade under the symbol BCC on the New York Stock Exchange.

Bank of America Merrill Lynch, Goldman, Sachs & Co., Deutsche Bank Securities, JPMorgan and Wells Fargo Securities are acting as joint bookrunning managers for the offering.

D.A. Davidson & Co., Moelis & Co. and Piper Jaffray & Co. are co-managers for the offering.

A Kirkland & Ellis LLP team including Carol Anne Huff, Dennis Myers, Ellen McIntosh and Ana Sempertegui advised Boise Cascade.

Winston & Strawn LLP's Jim Junewicz, Christina Roupas and Courtney Tygesson represented the underwriters led by BofA Merrill Lynch.