NEW YORK — Michaels had a tepid return to the stock market Friday, its shares going back and forth between small gains and declines.
The arts and crafts store operator’s shares closed up 2 cents to $17.02 in trading on the Nasdaq, after falling as much as 2 percent earlier.
The lackluster response shows investors are wary of retailing and the fragmented $30 billion arts and crafts industry.
Michaels Cos. Inc., which also runs the Aaron Brothers chain, priced an initial public offering of 27.8 million shares at $17 each, at the low end of its predicted range. The Irving, Texas, company raised $472 million from the offering.