This IPO marks JOANN Inc.’s return to the public markets for the first time since 2011, when it was bought by private equity company Leonard Green & Partners. The company was formerly known as Jo-Ann Stores Holdings Inc.

JOANN is the nation’s category leader in sewing and one of the fastest-growing players in the arts and crafts category. The Creative Products industry is a large and growing market, which according to a 2017 Association for Creative Industries (AFCI) study is in excess of $40 billion. The industry is currently experiencing a significant acceleration for product demand in response to multiple secular themes that have been further solidified during the COVID-19 pandemic, such as heightened DIY customer behavior, amplified participation from both new and existing customers and increased digital engagement, of which we are a key beneficiary because we have positioned ourselves and our go-forward strategies to capitalize on increased demand for Creative Products. As a well-established and trusted brand for over 75 years, we believe we have a deep understanding of our customers, what inspires their creativity and what fuels their incredibly diverse projects. Since 2016, we have embarked on a strategy to transform JOANN, which has helped us pivot from a traditional retailer to a fully integrated, digitally connected provider of Creative Products.

Our momentum through the COVID-19 pandemic has been further supported by heightened DIY customer behavior, significant increases in the number of new and current customers participating in new categories and the continued rise of online marketplaces. As a result, according to Earnest Research, we and the other two largest specialty players in the Creative Products industry have seen on average 22% growth in year-over-year sales since May 3, 2020.

(Note: Revenue and net income figures are for the 39 weeks that ended Oct. 31, 2020, according to the prospectus. The company reported $1,921.5 million – or $1.92 billion – in net sales and net income of $174.0 million for the 39 weeks that ended Oct. 31, 2020, compared with year-ago figures of $1,545.6 million –  or $1.55 billion – in net sales and a net loss of $188.5 million for the 39 weeks that ended Oct. 31, 2019.)

(Note: JOANN, Inc. priced its IPO on March 11, 2021: 10.94 million shares at $12 each – well below its $15-to-$17 range – to raise $131.28 million. The number of shares was the same as in the prospectus.)