NEW YORK (AP) – Michaels’s stock is falling in its return to public markets.
The arts and crafts store operator’s shares dropped 21 cents, 1.2 percent, to $16.79 in morning trading on the Nasdaq.
Michaels Cos., 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.
Michaels’ IPO was delayed two years after its then-CEO John Menzer resigned after a stroke. It comes at a time when the IPO market is heating up, as this is the third-busiest week for IPOs since 2000, according to Renaissance Capital.
Bain Capital and The Blackstone Group took Michaels private in 2006.
Michaels’ stock is trading under the “MIK” ticker symbol.
(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
- Comedian, Civil Rights Activist Dick Gregory Dies At 84
- Cowboys Top Colts 24-19 In Third Preseason Game
- Derek Holland Thanks Rangers Fans On Pitcher’s Mound
- Tensions Rise During Rally Against White Supremacy In Dallas
- Jaylon Smith Makes First NFL Tackle