That, however, was postponed after then-Chief Executive John Menzer had a stroke and stepped down.
Bain Capital and Blackstone currently own 93 percent of the company as Michaels Holdings, which was formed following the reorganization of Michaels into a holding company structure in July 2013.
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The two private equity firms will own about 80 percent of the company after the IPO, if underwriters do not exercise their option.
Michaels said in April it was hit by a security breach of customer payment cards and about 400,000 cards were potentially affected by the breach, which occurred between June 26, 2013, and February 27, 2014.
Michaels, which has about $3.7 billion in debt as of May, said it plans to use the proceeds from the offering to redeem $466 million of Holdco notes, issued in July 2013.
The company is expected to debut on the Nasdaq on Friday under the symbol "MIK."
JPMorgan and Goldman Sachs were lead underwriters to the offering.