Business

Levi Strauss returns to public markets, shares priced at $ 17 each




After an absence of more than three decades, the inventor of the blue jean is back on the public markets.

<p class = "canvas-textile-textile Mb (1.0em) Mb (0) – Sm Mt (0.8em) – sm" type = "text" content = "Shares of Levi Strauss ( LEVI ) began trading on Thursday morning at the New York Stock Exchange under the ticker LEVI, shares opened at $ 22.22 per share, or more than 30% above the company's IPO price of $ 1[ads1]7. "data-response time =" 17 "> Levi shares Strauss (LEVI) started trading Thursday morning on the New York Stock Exchange under the ticker LEVI. Stocks opened at $ 22.22 per share, or more than 30% over the company's IPO price of $ 17.

The company had priced its IPO a day earlier, with the price of $ 17 to $ 16, levi Strauss previously suggested this month.

San Francisco, California-based company offered about 36.7 million shares, bringing the total amount up to $ 623.3 million. It values ​​Levi Strauss $ 6.6 billion, including outstanding shares after the listing.

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) and JPMorgan Securities (] for an IPO in mid-February, with Goldman Sachs ( GS ) and "JPMorgan Securities" JPM ) who lead the offer. "Levi Strauss previously announced that it was filed for a listing in mid-February, with Goldman Sachs (GS) and JPMorgan Securities ( JPM) who led the offer.

This marks the second time Levi Strauss shares will trade on a public exchange. The company was first published in 1971, but in 1985 it was taken privately in a Haas family of $ 1.6 billion. The descendants of the founder Levi Strauss.

Levi Strauss returns to the public markets with a two-part stock structure: The Haas family will take a separate share class with 10 votes per share. Family members will keep control of the company, which collectively controls about three-quarters of the company's shares and 99% of the voting rights.

The Denim maker was originally created in 1853 when the Bavarian-born Levi Strauss opened a shop in San Francisco selling pants to miners during the California Gold Rush. Levi Strauss and partner Jacob Davis received a patent for the blue jean in 1873.

Strauss had no children, but the company has been run by descendants of the four nephews and other family members of the founders for generations.

2018 Results

Despite an increasingly competitive and evolving retail trade, Levi Strauss has remained strong, based on the latest reported economy.

<p class = "canvas-atom canvas text Mb (1.0em) Mb) – sm Mt (0.8em) – sm" type = "text" content = "The company brought in $ 5.6 billion in revenue In 2018 an increase of 14% from the previous year Growth in sales of women's clothing – 28% and tops, which was up 37%, helped increase revenue to the best growth for more than 25 years. reactid = "27"> The company brought in $ 5.6 billion in revenue in 2018, an increase of 14% from the previous year. Growth in sales of women's clothing 28% and tops, which was up 37%, helped create revenue for the best growth for more than 25 years.

FIL- This February 9, 2018 picture shows Levi's jeans hanging on a wall at Levi's Innovation Laboratory in San Francisco. On Thursday, March 21, 2019, Levi Strauss & Co. back to the public markets after 34 years. (AP Photo / Jeff Chiu, File)

<p class = "lerret-stof lerrettekst Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" = "Net income in the company's fiscal year and ended in November increased to $ 285.2 million, up from $ 284.5 million in 2017. Fiscal year 2018 increased the gross margin of 53.8% 150 basis points from the previous year," mainly on due to increased direct consumption, "the company said in a statement." data-reactid = "39"> Net income in the company's fiscal year ending in November increased to $ 285.2 million, up from $ 284.5 million in 2017. Fiscal year 2018 increased gross margin of 53.8% 150 basis points from the previous year, "primarily due to increased direct consumption, the company said in a statement.

<p class =" canvas-atom clay text Mb (1.0em) Mb (0) – sm Mt (0.8em) – -sm "type =" text "content =" "Clearly our strategies for diversifying our product portfolio, expanding our direct consumer power Something and deepen our relationship with consumers all over the world has worked, resulting in both higher annual revenues and gross margins, says Chip Bergh, president and CEO of Levi Strauss, in a February statement . "data-reactid =" 40 ">" It's clearly our strategies to diversify our product portfolio, expand our direct consumer business, and deepen our relationship with consumers worldwide have worked, resulting in both higher annual revenue and gross margins, "Chip Bergh, president and CEO of Levi Strauss, said in a February statement.

Levi Strauss also has various geographic revenue streams, with about 16% of 2018 sales from Asia, net income from Europe, which accounted for almost 30% of A total of 2019 sales, increased by 25% compared to the previous year

<p class = "canvas component textile Mb (1.0em) Mb (0) Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck "data-reactid =" 43 "> Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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