Michaels IPO Falls Short Of Expectations

The Michaels Companies went public last week, offering 27.8 million shares at $17 per share, the lower end of the $17 to $19 per-share range it announced earlier in June, reports said. The retailer raised $472 million in its IPO, more than $50 million less than expected.

The shares are listed beginning today on the NASDAQ Global Select Market, and are being traded under the symbol MIK. The company had been private since 2006 when Bain Capital and Blackstone bought it out for $6 billion ($44 per share). The company was expected to go public in 2012, however, reports noted that then-CEO John Menzer had a stroke, delaying the public offering until now.

Michaels operates 1,263 stores in the U.S. and recorded $4.6 billion in sales in fiscal 2013.