Cricut, which makes smart machines used for crafting and DIY, announced terms for its IPO on Tuesday.
The South Jordan, UT-based company plans to raise $322 million by offering 15.3 million shares (13% insider) at a price range of $20 to $22. At the midpoint of the proposed range, Cricut would command a fully diluted market value of $4.7 billion.
Cricut's versatile connected machines, design apps, and accessories and materials allow its community of 3.7 million users to make personalized crafts. Along with its machines, the company also provides two subscription offerings, Cricut Access and Cricut Access Premium. As of September 30, 2020, the company had nearly 1.2 million Paid Subscribers, and its total community of users grew 66% year-over-year.
Cricut was founded in 1969 and booked $959 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol CRCT. Goldman Sachs, Morgan Stanley, Citi and Barclays are the joint bookrunners on the deal. It is expected to price during the week of March 22, 2021.
The article Crafting machine maker Cricut sets terms for $322 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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