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Levi's IPO could raise up to $587 million

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Reuters API
Published
today Mar 11, 2019
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Levi Strauss & Co said on Monday it expects to raise as much as $587 million through an initial public offering (IPO), giving it a value of up to $6.17 billion as the jeans maker returns to the market after three decades.




The company, which has 385.5 million shares outstanding, said it expects to offer 36.7 million shares priced between $14 and $16 per share.

The IPO comes at a time when demand for denim is surging, driven by new styles such as high-waist and pinstriped jeans. Smaller rivals American Eagle Outfitters and Abercrombie & Fitch posted strong results last week, boosted by robust denim sales.

In its regulatory filing, Levi Strauss said the proceeds from the listing can be used for future acquisitions that will enhance its portfolio of brands, but has no immediate plans of any takeover.

Levi Strauss, which also sells footwear, belts and wallets, reported annual net revenue of $5.6 billion in 2018.

The 165-year-old company, known for inventing blue jeans, said it wants to evolve into a full-fledged global lifestyle leader for both men and women.

To attract young customers, brand Levi’s is also planning to expand its tailor shop and print bar that lets consumers customize and put their own designs on the company’s branded jeans and T-shirts.

With its IPO filing, the company joins a list of high-profile companies seeking to go public this year, including ride-hailing companies Uber Technologies and Lyft, photo-posting app Pinterest and home-renting company Airbnb.

The San Francisco, California based company intends to list as “LEVI” on the New York Stock Exchange, it said in a filing.

Goldman Sachs, JPMorgan, BofA Merrill Lynch and Morgan Stanley are part of a 12-member underwriting team handling the IPO.

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