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Michaels raises $472 million in IPO

Irving, Texas -- Michaels Cos. has raised $472 million in an initial public offering. The arts-and-crafts retailer priced 27.8 million shares at $17 each, which was at the low end of its predicted range. It plans to use the IPO's proceeds to pay down its debt.

The chain, which operates stores under its namesake banner and Aaron Brothers, could raise up to $543 million if underwriters use their option to buy additional shares. 

The stock was expected to start trading Friday on the Nasdaq under the symbol "MIK."