Stock Building Supply Holdings’ initial public offering raised $98 million today, offering 7 million shares at $14 a share, well below the initial $16 to $18 range the company earlier hoped to receive for its offering.

The company offered 4,411,765 shares and certain selling stockholders offered 2,588,235 shares, bringing in nearly $62 million and $36 million respectively. Another 1,050,000 shares may be offered under a 30-day option granted by underwriters. The stock is listed on the NASDAQ Global Select Market beginning today under the symbol “STCK.” The offering is expected to close on Aug. 14.

The Raleigh, N.C.-based Stock expects to receive $57.4 million from the IPO after net of underwriting discounts and commissions, and will use the funds 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. The company won’t receive any money from the shares sold by stockholders.

The company had originally planned to sell 8.8 million shares (including 4.4 million from insiders) but cut the shareholder portion by 41%. Stock, the nation's ninth-biggest pro-oriented building material dealer, has operated in the red for years, posting net losses in 2010, 2011, and 2012 totaled $83 million, $54 million, and $36.9 million, respectively.