Iconic denim brand’s IPO looks to raise up to $587.2 million
Jeans are back in style — just ask Levi Strauss & Co., which is returning to the public market.
In a filing on Monday with the Securities and Exchange Company, the 166-year-old company disclosed plans to offer a total of 36.7 million shares when it begins trading on the New York Stock Exchange. The IPO price is currently expected to be between $14.00 and $16.00 per share. Levi Straus plans to raise up to $587.2 million, giving the company a valuation of about $6.17 billion, according to Reuters.
The date for the offering has not yet been set. Levi Strauss said intends to list as “LEVI” on the NYSE.
Levi’s IPO comes as demand for denim is once again surging. The San Francisco-based company had net income of $285 million in the year ended Nov. 25, up from $281 million in the year-ago period. Revenue totaled $5.6 billion, up from $4.9 billion
Levi’s first went public in 1971, but was taken private again in 1985 by its majority owners, the Hass family, descendants of company founder Levi Strauss.
Levi Strauss & Co. has a global footprint of approximately 3,000 brand-dedicated retail stores and shop-in-shops. Its products are also sold in more than 110 countries worldwide through a combination of chain retailers, department stores, online sites.