Levi Strauss makes its debut on the NYSERobyn Turk / Mar 21, 2019 / FashionUnited
Levi Strauss & Co. officially made its return to the stock markettoday, with the price of its shares surging over 30 percent whentrading opened in New York. The American denim brand had announced thepricing of the initial public offering of 36,666,667 shares at 17dollars per share, however they traded this morning at 22.22 dollarsper share. This values the company at 8.7 billion dollars.
The 166-year-old company makes its return to the stock market afterremaining privately owned for the past 34 years. Levi’s had first gonepublic in 1971, until it was taken private by the descendants offounder Levi Strauss, the Haas family, 14 years later. The family hadbought out the brand for 1.6 billion dollars. The Haas family willmaintain 80 percent of Levi Strauss & Co.
The brand made its return to the New York Stock Exchange under thesymbol “LEVI.” Its decision to go public stemmed from rapid changes inconsumer tastes, according to retail analysts. In its SEC filing, LeviStrauss & Co. said that it sees public offering as an opportunity toexpand its presence in emerging markets.