Levi's is getting ready to rejoin the stock market after 30 years
Business Insider
Published Mar 21, 2019 07:22AM ET
Updated Mar 21, 2019 09:36AM ET
- Levi Strauss & Co (NYSE:LEVI). will rejoin the stock market after more than 30 years.
- Shares priced Wednesday evening at $17 apiece, above the expected range of $14 to $16 — giving the jeans maker a market valuation of $6.6 billion.
- Levi's listing comes during a boom in jeans sales.
- The New York Stock Exchange is allowing traders to wear jeans for the day.
A good pair of jeans can last forever. Levi Strauss & Co., which is set to rejoin the stock market on Thursday at a valuation of $6.6 billion, will hope investors see the same longevity in the Levi's brand.
Shares priced Wednesday evening at $17 apiece, above the predicted price range of $14 to $16, signaling strong investor interest. It raised $623 million from the sale of 36.7 million shares. The founder's family will take the bulk of the proceeds, with the remaining $161 million earmarked for day-to-day costs and potential acquisitions.
The jeans maker listed its shares on the New York Stock Exchange under the ticker "LEVI." The trading floor's ban on jeans has been relaxed for the day and traders are encouraged to wear Levi's.
Levi's was founded in 1853 and first joined the public markets in 1971. It was taken private by descendants of Strauss in a $1.7 billion leveraged buyout in 1985.
The company claims to have created the Abercrombie & Fitch highlighted strong sales of jeans in their fourth-quarter earnings calls.
Get The News You Want
Written By: Business Insider
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.