Levi Strauss shares open at $22.22 in IPO, as jean giant makes return to the public market

Shares of blue jeans giant Levi Strauss & Co surged 32 percent in its debut on the New York Stock Exchange, giving it a market capitalization of $8.7 billion and demonstrating strong demand for owning a part of the jean giant.

Levi Strauss Wednesday night priced its initial public offering at $17, topping original expectations of between $14 and $16 a share.

The newly public company has said it will improve market share with women, on the internet and in China. Its men's business accounted for $4 billion of Levi's $5.6 billion 2018 revenue, while just 3 percent of its revenue came from China. The 166-year-old company first went public in 1971, but has been private for the last 34 years.

Over the last 10 years, global jeans sales have climbed at a 3.5 percent compounded annual growth rate, slower than the entire apparel category, according to Bernstein analyst Jamie Merriman.

This story is developing. Please check back for updates.

Let's block ads! (Why?)

from Top News & Analysis https://ift.tt/2TRLBe8