The information technology company said the offering of about 23.3 million shares was priced at $17 per share, the low end of its projected $17 to $18 price range.
The stock was up 7.3 percent, or $1.24, at $18.24 this afternoon. It's trading on the Nasdaq under the "CDW" ticker symbol.
The underwriters have a 30-day option to buy up to an additional 3.5 million shares.
Vernon Hills-based CDW said in a regulatory filing that it plans to use part of the net proceeds to redeem $156 million senior subordinated notes. It intends to use $24.4 million in proceeds for a one-time payment related to the termination of a management services agreement.
The company also plans to use some of the proceeds to exercise its right under an equity clawback provision related to $175 million senior secured notes.
CDW reported 2012 net income of $119 million on revenue of $10.13 billion. In 2011, the company had net income of $17.1 million and revenue of $9.6 billion.
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