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Michaels Releases Details Of $500 Million IPO

William Hubbard

Michaels (NASDAQ: MIK) recently filed for its initial public offering. If the offering goes as planned, North America's largest arts and crafts specialty retailer will rake in up to $528 million in proceeds.

Currently, the IPO consists of 27,777,778 shares and expects to price between $17 and $19 per share. Michaels has applied to list on the NASDAQ under the ticker, “MIK.”

Last year, Michaels 1,263 stores rang the register on $4.6 billion in sales. Its mission is to, “inspire and enable customer creativity, create a fun and rewarding place to work, foster meaningful connections with our communities and lead the industry in growth and innovation.”

Leading the IPO are underwriters J.P. Morgan, Goldman Sachs, Barclays and Deutsche Bank.

Disclosure: The author holds no position in the mentioned securities

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