After 30 years, Levis, the jeans maker, decided to re-list and compete with Uber, Lyft and Irbnb for a place in this year’s Ipo boom.
Levi Strauss & Co. said it would land on the New York Stock Exchange and plan to raise up to $587 million, with a listing valuation of up to $6.17 billion. According to the announcement, the company has 385.5 million tradable shares and is expected to sell 36.7 million shares, with a share price range of between $14 and $16.
The Guardian said that part of the revenue would be used to fund the acquisition, but the company said it had no specific acquisition plan. CNBC said Goldman Sachs, JPMorgan Chase, Bank of America Merrill Lynch and Morgan Stanley were among the 12 underwriters involved in the IPO.
Kathleen Smith, head of Renaissance Capital, told CNN that Levi’s also looks promising, with revenue of $5 billion and strong growth and profitability potential, according to Renaissance research.