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$6.2 billion valuation in market return sought by Levi’s
| 03/12/2019
- IPO expected to raise $587m
- 36.7 million shares at $14 to $16 per share
- Annual net revenue of $5.6bn in 2018
Levi Strauss & Co said yesterday that it expects to raise $587m through an initial public offering (IPO). This would bring the value of the iconic jeans maker up to $6.17bn and see it return to the market after 30 years.
The company has 385.5 million shares outstanding and expects to offer 36.7 million shares at a price ranging between $14 and $16 per share.
Eric Schiffer, the Chief Executive Officer of private equity firm Patriarch Organization, commented: “The valuation is fair and as expected. It is also a good time for Levi’s to go public due to the resurgence of ‘80s blue jeans fashion.”
Denim is surging in demand as new styles, including high-waist and pinstriped jeans, drive strong results posted by smaller rivals such as American Eagle Outfitters and Abercrombie & Fitch.
Known for inventing blue jeans, the 165-year-old company said that it wants to evolve into a fully-fledged global lifestyle leader for men and women.
An expansion of its tailor shop and print bar, which allows consumers to customize their own designs onto the company’s branded jeans and T-shirts, is aimed at attracting more young customers.
In addition to its denim jeans, Levi Strauss also sells footwear, belts and wallets. The company reported annual net revenue of $5.6bn in 2018.The IPO filing sees Levi’s join a number of other high-profile companies that intend to go public this year. These include Uber Technologies, Pinterest and Airbnb.