The business of one of the most famous denim brands Levi's was estimated during the IPO at 6.6 billion dollars.
American clothing manufacturer Levi Strauss & Co is listed on the New York Stock Exchange. The cost of Levi's shares during the IPO reached $ 17 per share, with a forecast ranging from $ 14 to $ 16. Total shares were sold for $ 623.3 million, reports Reuters.
Thus, Levi's business of one of the most famous denim brands was valued at $ 6.6 billion. Previously, analysts predicted the company's valuation at 5 billion, writes CNBC.com. For Levi's, this is the second stock exchange in the history of the company. The first IPO took place back in 1971, but in 1985, the Haas-owned family bought out all the shares that were in the free sale.
A successful IPO emphasizes the success of retail companies over the past few years, experts say. Vendors such as Levi's with invariably thrive as they reach more customers through online channels, while tens of thousands of regular stores close under pressure from e-commerce giants such as Amazon. Earlier, Levi's reported an increase in annual revenue from 4.9 to 5.8 billion dollars and net profit to 285.2 million dollars.