Home / Business / Levi Stocks to Start Trading in New York in $ 620 Million IPO

Levi Stocks to Start Trading in New York in $ 620 Million IPO

The clothing retailer priced his first public offer on Wednesday at $ 17 per share and valued the company at about $ 6.6 billion. It is higher than the price from $ 14 to $ 16 that the company had previously set.
The offer will raise $ 623 million to San Francisco-based inventors of blue jeans. It's just one in a series of high-profile stock market listings that are expected to hit US markets this year.

The company's stock will start trading on Thursday on the New York Stock Exchange under the ticker symbol "LEVI".

Levi was first published in 1971 before being privatized in 1985. Its return to the public markets is an important step in the company's plan to expand its hundred-year-old brand.

Unlike many other retailers today, Levis is not trying to fully reinvent itself.

It says that its core business in men's pants "has been and will continue to be an important driving force" for the overall profit. And it doubles on its iconic 501

jeans, which have stayed in the style of customers for years and continue to be updated over time.

But Levis also hopes to move from being seen as just a jeans company.

"We focus our product design and marketing efforts to transform our global consumer perceptions from a US men's bottom-oriented business to a global lifestyle leader for both men and women," it said in a February registration.

  Levi & # 39; s says the iconic fit of its 501 jeans has been popular over the years and is continuously updated to


To do that, the clothing brand wants to push deeper into different categories, such as tops and women's clothing.

The company also looks to expand in key markets such as Ch ia, India and Brazil.

For example, China accounts for about 20% of the global clothing market, but represented only 3% of Levi's sales during the last fiscal year, the company said. To chase Chinese shoppers, the brand has installed a new management team in the country who plans to open new sales outlets and implement a strategy tailored to the local market.

  Levi wants to be more than a jeans company, so it goes public

Levi's listing is expected to measure US investors' appetite when coping with a series of large IPOs in progress.

Riding company Lift will make its long awaited debut on Nasdaq next week, while investors are watching Some experts say it may encourage others to follow suit.
"It will be a great year for intellectual property rights," Jackie Kelley, EY's America's IPO leader, told CNN Business last month.

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