Levi Strauss IPO to raise as much as $587 million
Jeans maker Levi Strauss & Co said on Monday it expects to raise as much as $587 million through its initial public offering, which marks its return to public markets after more than three decades.
The company expects to offer 36.7 million shares priced between $14 and $16, giving it a market value of about $6.17 billion, at the higher end of the range.
Levi's, one of the world's biggest denim brands and the inventor of blue jeans, faces rapid changes in consumer tastes as people shop for cheaper brands and athleisure apparel.
With its IPO filing, the company joins a list of high-profile companies seeking to go public this year, including ride-hailing companies Uber Technologies and Lyft, photo-posting app Pinterest and home-renting company Airbnb.
The 145-year-old Levi Strauss intends to list as "LEVI" on the New York Stock Exchange, it said in a filing.
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Goldman Sachs, JPMorgan, BofA Merrill Lynch and Morgan Stanley are part of a 12-member underwriting team handling the IPO.
(Reporting by Diptendu Lahiri in Bengaluru; Editing by Shinjini Ganguli)