Levi’s plans initial public offering
San Francisco – Levi Strauss & Co. says it plans to raise about $100 million through an initial public offering.
The number of shares to be offered and the price range has yet to be determined. The total amount raised may change based on investor demand and other factors.
The San Francisco-based company said Wednesday that it plans to use the proceeds from the IPO for general corporate purposes, including working capital, operating expenses and capital expenditures. It may also use proceeds for acquisitions or other strategic investments.
Levi Strauss made its first pair of jeans in 1873. It was a public company from 1971 until 1985, when it was taken private in a leveraged buyout. Among its key strengths are “iconic brands” and a “unique connection with our consumers,” the company said in regulatory filing.
In its fiscal year ended last November, revenue rose nearly 14 percent to $5.6 billion, and the company earned $283.1 million, or 73 cents per share. But sales are down from their peak in the mid-1990s, while its growth rate more recently has wavered.
The shares will be listed on the New York Stock Exchange under the “LEVI” ticker symbol.
The apparel company’s plans comes amid what could be a strong year for IPOs, especially in the technology industry. Popular messaging app maker Slack, which is valued around $7 billion, earlier this month.
Other players that could launch IPOs in 2019 include Airbnb, Pinterest and Peloton, according to venture capital research firm CB Insights.