Popular denim brand Levi Strauss is set to become a publicly traded company.
The fashion brand mulls to offer 36.7 million shares when it commence trading on the New York Stock Exchange. This was mentioned in the in a filing with Securities and Exchange Commission.
The shares will be priced between US $ 14 and US $ 16. The company expects to raise around US $ 587 million through IPO (Initial Public Offering).
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It is pertinent to mention here that the popular denim brand Levi Strauss has traded publicly before (in 1971) as well, but went private 34 years back. At that point in time, Levi’s generated US $ 50 million.
Levi’s has been performing well despite the sluggishness in the fashion retail market. Its revenue reached US $ 5.58 billion in 2018 and a net income of US $ 283 million in 2018.
The denim brand operates over 830 stores world over.
The fashion denim brand will join the list of companies like Uber, Lyft, Pinterest and Airbnb that are planning to go public this year.
