Fabric Retailer Joann Returns to Market in $131 Million IPO (1)

Joann Inc., the fabric and craft store, and selling shareholders raised about $131 million in an initial public offering a decade after being taken private by buyout firm Leonard Green & Partners.

The IPO fell short of the Hudson, Ohio-based company’s goal of raising as much as $186 million. Joann sold about 11 million shares for $12 each Thursday after marketing them for $15 to $17. The shares closed Friday up 2.1% to $12.25, giving Joann a market value of about $495 million.

Private equity firm Leonard Green acquired the company, then Jo-Ann Stores Inc., in a $1.6 ...