MercoPress. South Atlantic News Agency

After 34 years Levi Strauss is back in the stock market with a value of US$ 6.5bn

Levi's has sold US$ 623m worth of shares to institutional investors before allowing the public to buy stock in the 166-year old company on Thursday

Levi Strauss will be worth about US$ 6.5bn when the denim-maker rejoins the stock market after 34 years away. Shares in the inventor of the blue jean have been priced at US$ 17 each, just above the target range of US$ 14-16.

Levi's has sold US$ 623m worth of shares to institutional investors before allowing the public to buy stock in the 166-year old company on Thursday. The Haas family, descendants of the founder Levi Strauss, have sold shares worth around US$ 357m.

The company will be listed under the symbol LEVI on the New York Stock Exchange and the stock has been priced at the top end of a US$14 to US$16 range.

Levi's wants to continue to grow the company from men's jeans to more products for women as well as expanding its tops business.

The firm also said: “We believe we have a significant opportunity to deepen our presence in key emerging markets, such as China, India and Brazil, to drive long-term growth.”

Jeans have regained their popularity in recent years after the “althleisure” trend when people opted to wear jogging bottoms and leggings instead of denim.
In 2017-18, global sales of jeans expanded by 4.3%, according to Euromonitor International, a market research provider. In the US, after four years of falling demand, sales rose by 2.2%.

Founder Levi Strauss moved to San Francisco in 1853 during the California gold rush, opening a dry goods business. But he struck gold when in 1873 he and a partner received a patent on using rivets to make clothes - which increased their durability.