- Robyn Turk
Levi Strauss & Co. officially made its return to the stock market
today, with the price of its shares surging over 30 percent when
trading opened in New York. The American denim brand had announced the
pricing of the initial public offering of 36,666,667 shares at 17
dollars per share, however they traded this morning at 22.22 dollars
per share. This values the company at 8.7 billion dollars.
The 166-year-old company makes its return to the stock market after
remaining privately owned for the past 34 years. Levi’s had first gone
public in 1971, until it was taken private by the descendants of
founder Levi Strauss, the Haas family, 14 years later. The family had
bought out the brand for 1.6 billion dollars. The Haas family will
maintain 80 percent of Levi Strauss & Co.
The brand made its return to the New York Stock Exchange under the
symbol “LEVI.” Its decision to go public stemmed from rapid changes in
consumer tastes, according to retail analysts. In its SEC filing, Levi
Strauss & Co. said that it sees public offering as an opportunity to
expand its presence in emerging markets.