IPO for Fabric Retailer JOANN (JOAN) Opens Modestly Lower

Today's IPO for fabric store JOANN Inc. (NASDAQ: JOAN) opened for trading at $11.75 after pricing 10,937,500 shares of its common stock at an initial public offering price of $12 per share.

BofA Securities and Credit Suisse are serving as joint lead book-running managers for the offering. Guggenheim Securities, Barclays, Wells Fargo Securities, Piper Sandler and William Blair are acting as additional bookrunners for the offering. Houlihan Lokey, Telsey Advisory Group, Loop Capital Markets and Ramirez & Co., Inc. are acting as co-managers for the offering.

For more than 75 years, JOANN has inspired creativity in the hearts, hands, and minds of its customers. From a single storefront in Cleveland, Ohio, the nation’s category leader in sewing and fabrics and one of the fastest growing players in the arts and crafts industry has grown to include 855 stores across 49 states and robust e-commerce business. With the goal of helping every customer find their creative Happy Place, JOANN serves as a convenient single source for all of the supplies, guidance, and inspiration needed to achieve any project or passion.

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