Michaels Goes Public
IRVING, Texas-The Michaels Cos. Inc. has launched its initial public offering of nearly 27.8 million shares of common stock, priced at $17 per share.
The shares are listed beginning today on the NASDAQ Global Select Market, and are being traded under the symbol MIK. Until today, the retailer's stock had not been publicly traded, although it did announce financial results for its fiscal quarters and fiscal years.
In its registration statement for the offering, filed with the U.S. Securities and Exchange Commission on June 24, Michaels said its store count as of May 31 totaled 1,263, consisting of 1,145 Michaels stores and 118 Aaron Brothers stores. The company's net sales for fiscal year 2013 were $4.6 billion, up 3.7 percent over fiscal 2012, including a 2.9 percent gain in same-store sales.