FINANCE

NYSE suspended its ‘no jeans’ policy for this brand’s first day of trading

BY Marianne Wilson

Levi Strauss & Co. went public on Thursday with a $6.6 billion valuation.

Shares of the iconic denim brand immediately soared more than 30% past the initial public offering price of $17, higher than the price range of $14 to $16 that the company had previously set. Shares closed up nearly 32% on the first day of trading. The offering will raise $623 million.

The stock exchange suspended its regular “no jeans” dress code on Thursday to celebrate Levi’s return to the public market. To commemorate its first day of trading, Levi’s hosted a tailor shop outside the stock exchange. The company is trading on the New York Stock Exchange under the ticker symbol “LEVI.”

The 166-year-old company previously went public in 1971. But the namesake founder’s descendants, the Haas family, took it private again in 1985.

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.

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