Levi Strauss opens at $22.22 per share in jeans company's initial public offering
Thursday, 21 March 2019 Levi Strauss & Co (NYSE:LEVI) began trading Thursday at $22.22 per share in the jeans company's initial public offering. Traders got into the spirit by wearing Levi's denim from head-to-toe, breaking with a longstanding "no jeans allowed" policy. The company had priced its IPO late Wednesday at $17 per share, valuing the company at about $6.6 billion. That's higher than the price range of $14 to $16 that the company had previously set. The maker of the iconic 501 blue jeans had been expected to list nearly 37 million shares. IPO Roundup: Lyft gives investors a peek under the hood for upcoming IPO as roadshow gets underway The IPO will raise $623 million for the San Francisco-based inventor of blue jeans. News of a pending Levi’s IPO surfaced last November, and plans were put into motion last month. Bavarian immigrant Levi Strauss started the quintessential American company in the mid-1800s during the California Gold Rush. The 166-year-old company, which is still controlled by the descendants of its namesake founder, has traded publicly before but went private 34 years ago in 1985 amid slumping sales. Just a few years ago, the future of Levi's was imperiled by high debt on its books as it tried to reinvent itself in a crowded field by being less dependent on retail stores. “When CEO Chip Bergh took the company’s helm in 2011, things began to turn around with repeated quarters of double-digit growth,” reported Fortune magazine. “Bergh also has made Levi’s a values-driven company, by lending vocal corporate support to issues such as gun violence prevention, voter turnout, and climate change prevention.” The public offering is being underwritten by Goldman Sachs, JPMorgan Chase and Morgan Stanley. Contact Uttara Choudhury at email@example.com Follow her on Twitter: @UttaraProactive
Levi Strauss shares are in demand as the blue jeans maker returns to the stock market after a 34-year absence. The clothing retailer priced its initial public offering on Wednesday at $17 per share, valuing the company at about $6.6 billion. That's higher than the price range of $14 to $16 that the...
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