Joann files for IPO
Joann is leveraging the surge in arts-and-crafts amid the pandemic to file to go public.
The fabric-and-craft retailer has filed with the Securities and Exchange Commission to raise up to $100 million in an initial public offering. According to a report by Renaissance Capital, the $100 million is likely a placeholder for a deal it estimated could raise up to $400 million.
Joann, which operates 855 stores nationwide, intends to list its shares on Nasdaq under the symbol “JOAN.” It had $2.6 billion in sales for the 12 months ended October 31, 2020.
The company was taken private in 2011 by private-equity firm Leonard Green & Partners LP in a $1.6 billion deal.
“The industry is currently experiencing a significant acceleration for product demand in response to multiple secular themes that have been further solidified during the COVID-19 pandemic, such as heightened DIY customer behavior," the filing stated.
BofA Securities and Credit Suisse are serving as joint lead book-running managers for the proposed Offering. Guggenheim Securities, Barclays, Wells Fargo Securities, Piper Sandler and William Blair will act as additional bookrunners for the proposed offering. Telsey Advisory Group will act as co-manager for the proposed offering.