JOANN, a multi-channel fabric and crafts retailer with about 860 stores, announced terms for its IPO on Thursday.
The Hudson, OH-based company plans to raise $175 million by offering 10.9 million shares (50% insider) at a price range of $15 to $17. At the midpoint of the proposed range, JOANN would command a fully diluted market value of $679 million.
JOANN operates a nationwide network of sewing, fabrics, and arts and crafts retail stores, leveraged by an online digital platform. Since 2016, the company has focused on pivoting from a traditional retail business model to becoming a multi-channel, digitally-connected provider of creative products.
JOANN was founded in 1943 and booked $2.6 billion in sales for the 12 months ended October 31, 2020. It plans to list on the Nasdaq under the symbol JOAN. BofA Securities, Credit Suisse, Guggenheim Securities, Barclays, Wells Fargo Securities, Piper Sandler, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of March 8, 2021.
