Levi Strauss & Co. is looking to file for its initial public offering and with this the iconic denim jeans brand will be listing its shares on the New York Stock Exchange under the symbol “LEVI”.
However the number of shares to be offered and the price range for the proposed offering have not been determined yet by the 145 years old company based in San Francisco.
As per the CNBC report, Levi's has plans of raising between $600 million and $800 million with an aim of debuting with a valuation if upward $5 billion. Goldman Sachs and J.P. Morgan have been tapped by the brand to manage the deal.
The deal's proceeds will be helping in general corporate purposes, acquisitions and other strategic investments and operating costs and capex. Renowned as the first company to introduce the blue denim jeans has maintained its pace in dominating the denim retail industry for over 150 years.
In the earlier decades, the brand had not been successful enough to introduce new innovations to its fashion trends and has also failed to meet customer expectations. But Levi’s is back on track to popularity since the 2010s. The descendants of the family of Levi Strauss hold the company closely at present.
The revenue for the fourth quarter of Levi Strauss has reached $1.59 billion which is a sharp rise of 9 percent but there has been a lost in profit by 17 percent which amounts to $97 million. Revenues for full year reached $5.58 billion which is a visible growth by 14 percent making the net income of the brand at $285 million.
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