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.

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