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One more time: Levi Strauss goes public again

AP  |  New York 

& Co, which gave its first pair of blue jeans, is public for the second time.

The stock, which is listed under the ticker "LEVI," opened for trading on Thursday up 31 per cent on very strong demand and recently changed hands at USD 22.90, up USD 5.90. The offering priced at USD 17, above an originally expected range of USD 14 to USD 16. As of noon, shares were up nearly 34 per cent.

In a rare move, suspended its "no jeans" policy on Thursday to commemorate the event, transforming the floor from suits and ties into a sea of blue denim, with its traders sporting and jackets.

More than 120 employees from Levi's global offices, including its outfitted in denim, were on the trading floor.

On Wednesday, the NYSE even Tweeted, "Tomorrow we'll be in our 501s." The 166-year-old company, which owns the Dockers and Denizen brands, previously went public in 1971, but the namesake founder's descendants, the Haas family, took it private again in 1985.

The IPO comes as the iconic brand is staging a comeback under Bergh even as it faces increasing competition and a changing Women are opting for yoga pants or other comfortable athletic sportswear that can be worn every day. And the brand is also contending with a shrinking number of department stores, once its traditional venue of distribution.

Levi's, like many brands, still face challenges. They're being squeezed by a new wave of closures of traditional department stores. And discounters like have been developing their own exclusive brands.

In its prospectus, says it plans to use the proceeds to expand more aggressively into China, and It also is expanding its As of late last year, Levi's operated 824 company-operated stores.

is adopting a dual-class share structure. Each Class A share will be entitled to one vote, while Class B shares will have 10 votes. Class B stock will primarily be held by the descendants of the company founder.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 22 2019. 01:25 IST
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