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Michaels Stores files IPO


New York -- Michaels Stores Friday confirmed that it is has filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. According to the filing, the company proposed to raise $500 million in the IPO. The number of shares to be sold and the price range for the proposed offering have not yet been determined.

J.P. Morgan and Goldman, Sachs & Co. will act as joint book-running lead managers for the offering. Barclays, Deutsche Bank, BofA Merrill Lynch, Credit Suisse, Morgan Stanley and Wells Fargo are acting as joint book runners.

Michaels was traded publicly until 2006, when Bain Capital LLC and The Blackstone Group LP, bought it in a deal valued at $6.6 billion.

Michaels plans to open 45 to 50 stores in 2012, with capital spending of $140 million to $155 million.

For its most recent quarter, Michaels reported that total sales of $1.4 billion, a 5.5% increase from the year-ago period. Same-store sales for the quarter increased 4.4%. Net income decreased 1% in the fourth quarter to $97 million, from $98 million for the same period last year.

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