Jeans maker Levi returns public with a $6.6 bn IPO after 34 years

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Jeans maker Levi returns public with a $6.6 bn IPO after 34 years

US Jeans maker, Levi Strauss & Co., headquartered in San Francisco, had yielded a higher-than-anticipated price on their Initial Public Offering on Wednesday, the 20th of March 2019, selling $6.6 billion in stocks. The latest IPO had been a landmark event for Levi Strauss & Co.

which makes its return to the stock market after remaining as a family-owned company for over three decades on Wednesday (March 20th). The 150-year old cloth vendor had been gaining consistent popularity over the last few years, as they had been reaching more shoppers through online and thousands of brick and mortar stores were closed under pressure from several e-commerce giants such as Amazon and Walmart.

While the Levi stock prices had been harboring near all-time high, Levi had been quoted saying after yesterday’s (March 20th) IPO, that they had priced their IPO at $17 per share, above their target range of $14-$16, and the company had been valued at $6.6 billion after yesterday’s initial public offering.

The company has been set to make its debut on NYSE on Thursday (March 21st), who claimed to have invented blue jeans as a clothing during 1850s after German immigrant Levi Strauss had founded the company in 1853 at San Francisco, US.