Joann, an American specialty retailer of crafts and fabrics, has filed a proposed US $ 100 million initial public offering (IPO) with the US Securities and Exchange Commission.
Notably, the proceeds of the IPO are intended to be utilised for general corporate purposes.
If media reports are to be believed, the initial filing is a likely placeholder for what could be a much-expected US $ 400 million IPO deal.
It’s worth noting here that following IPO, the American crafts and fabric retailer will continue to be owned by Leonard Green & Partners.
IPOs are the toast of the town as they keep reaching record numbers. After American secondhand retailer Poshmark filed for IPO in December 2020, wherein it, reportedly, listed the offering size to be US $ 100 million, the retailer, earlier this week, announced its plans of expanding to Australia.
Besides, German e-commerce firm Mytheresa too had filed for IPO in November 2020.
Also Read: Poshmark now in Australia following IPO
It’s been a good going for Joann! After an impressive surge in DIY activity during the pandemic, the retailer further strengthened its omnichannel capabilities.
Following double-digit rise in sales in last few years, Joann saw its omnichannel sales shoot up by 369 per cent in 2020 through October. Its top-line and comparable sales rose by over 24 per cent through last October.
The Ohio-based retailer has over 850 stores.