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Finance

When Is Joann Fabrics’ IPO Date and What Can Investors Expect?

Joann Fabrics and Crafts, a U.S. leader in the sewing and crafts retail space, filed in February to go public. The initial filing included a $100 million fundraising target, although some estimate that the deal might end up being worth $400 million.  

Although Joann Fabrics started with just one retail store, it has grown to over 850 brick-and-mortar locations throughout the U.S. In 2016, it also started to shift focus to its digital business and online presence. Joann Fabrics offers online shopping and an exclusive online learning platform called Creativebug. 

Joann Fabrics’ valuation

The company has lagging sales in 2018 and 2019 but bounced back impressively in 2020. Many public venues closed and social activities were canceled due to the COVID-19 pandemic. Joann Fabrics saw a surge in customers eager to take up crafting to pass the time.  

Source: Joann Fabrics

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Before it became private again in 2011, Joann Fabrics reported $2.1 billion in annual sales. The new IPO prospectus cited $2.3 billion in sales for 2019, which doesn’t show much growth. However, the 12-month period ending October 31, 2020, showed sales of $2.6 billion. 

The company has racked up debt during its decade as a private company, from zero in 2011 to more than $900 million as of October 2020. Its exact valuation isn’t known, although it might raise up to $400 million in the IPO. 

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View more information: https://marketrealist.com/p/when-is-joann-fabrics-ipo-date/

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