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Crafts retailer Michaels makes lackluster market debut
June 27, 2014 / 2:35 PM / 3 years ago

Crafts retailer Michaels makes lackluster market debut

June 27 (Reuters) - Shares of Michaels Cos Inc fell as much as 2 percent in their return to the market, valuing the biggest U.S. arts and crafts retailer at about $3.4 billion.

The Irving, Texas-based company raised about $472.6 million after its offering of 27.8 million shares was priced at the low end of the expected $17-$19.

Michaels, which owns several brands such as Recollections, Artist’s Loft and Loops & Threads, sold all the shares in the offering.

The company’s shares opened at $17 and touched a low of $16.70 on the Nasdaq on Friday.

J.P. Morgan and Goldman Sachs & Co were lead underwriters to the offering. (Reporting By Neha Dimri in Bangalore; Editing by Don Sebastian)

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