Levi Strauss seeks $6.2bn valuation in market return
Company's initial public offering comes at a time when demand for denim is surging
New York — Levi Strauss expects to raise as much as $587m through an initial public offering (IPO), giving it a value of up to $6.17bn 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 $5.6bn in 2018. The 165-year-old company, known for inventing blue jeans, said it wants to evolve into a fully-fledged glob...
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