Levi Strauss & Co is coming back to the stock market after more than three decades with a valuation of $6.6 billion $LEVI
- Levi Strauss & Co fetched a higher price than expected in its initial public offering on Wednesday, selling $623.3 million in shares as the U.S. jeans maker looks to return to the stock market after 34 years as a family-owned company.
The company, which claims to have invented blue jeans in the 19th century and is named for the man who founded it in 1853, is set to debut on the New York Stock Exchange on Thursday under the ticker “LEVI”. The popularity of denim is surging, driven by new styles such as high-waist and pinstriped jeans. Earlier this month American Eagle Outfitters Inc and Abercrombie & Fitch Co posted strong results boosted by denim sales.
Founder Levi Strauss moved to San Francisco in 1853 during the California gold rush, opening a dry goods business.
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