Report: Michaels seeking up to $528 million in IPO

New York -- Michaels Cos. seeking as much as $528 million in its U.S. initial public offering, Bloomberg reported. The arts and crafts retailer is offering 27.8 million shares at $17 to $19 each, according to a regulatory filing Tuesday.



The IPO is being managed by JPMorgan Chase & Co. and Goldman Sachs Group Inc.



Michaels was taken private in 2006 by Bain Capital and Blackstone Group in a $6 billion leveraged buyout. Each firm will own 40% of the company after the offering, the report said.



Michaels operates 1,263 stores in the U.S. and recorded $4.6 billion in sales in fiscal 2013.