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Michaels prices IPO at $17, at low end of the range

June 27, 2014
MIK

The Michaels Companies, the largest arts and crafts retailer in North America with 1,263 stores, raised $472 million by offering 27.8 million shares (100% primary) at $17, the low end of the $17-$19 range. At the offer price, Michaels will have a fully diluted market cap of $3.5 billion  and an enterprise value of $6.7 billion. Michaels will list on the NASDAQ under the symbol MIK. J.P. Morgan, Goldman Sachs, Barclays, Deutsche Bank, BofA Merrill Lynch, Credit Suisse, Morgan Stanley and Wells Fargo Securities all acted as lead managers on the deal.