Cricut, which makes smart machines used for crafting and DIY, raised $306 million by offering 15.3 million shares (13% secondary) at $20, the low end of the range of $20 to $22.
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 plans to list on the Nasdaq under the symbol CRCT. Goldman Sachs, Morgan Stanley, Citi and Barclays acted as lead managers on the deal.
