Joann late to the Covid-19 party with Nasdaq IPO

摘要

After reaping the benefits of an arts & crafts boom during the Covid-19 pandemic, crafts retailer JOANN raised US$131m from a Nasdaq IPO that provides evidence that the stay-at-home economy has run its course as an investment theme. A syndicate led by Bank of America and Credit Suisse placed 10.94m shares at US$12.00 on Thursday night, a steep US$3 discount to the US$15-$17 range. The banks set expectations by telling investors ahead of time that the deal was "oversubscribed with price sensitivity".