Michaels looks to raise $528M in IPO

Michaels stores is hoping to raise roughly $528 million in an initial public offering as the retailer nears the end of a two-year journey to the public market.

The crafts chain initially filed for an IPO in 2012, but the privately held company was delayed when then-CEO John Menzer stepped down due to illness.

Michael's was taken private in 2006 by Bain Capital and Blackstone Group in a $6 billion buyout. Each firm will retain 40 percent of the company after the IPO, according to Reuters.

The company will offer 27.8 million shares priced between $17 and $19 each, according to a filing with the U.S. Securities and Exchange Commission on Monday.

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

For more:
-See this Reuters report

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