NEW YORK — Michaels has crafted its way back to the stock market, raising $472 million in an initial public offering.
It priced 27.8 million shares at $17 each, at the low end of its predicted range. That suggests tepid demand for its stock, which is set to start trading Friday. It could raise up to $543 million if underwriters use their option to buy additional shares.
Irving, Texas-based Michaels Cos., which operates under its name and Aaron Brothers, is the largest arts and crafts chain in North America by store count.
Its offering, coming as the IPO market heats up, tests investors’ enthusiasm for the highly fragmented $30 billion arts and crafts industry.