Levi Strauss IPO is the main attraction of 2019
- 7 months ago
2019 brings a host of highly anticipated initial public offerings, tech companies hovering over $1 billion like Uber, Airbnb, Lyft and Slack are all grabbing the headlines, however the real headliner is Levi Strauss & Co.
The 166-year-old apparel maker famous for its denim products is coming off several years of slow-but-steady growth, with sales increasing at an annual rate of 2.3%, from $4.8 billion in its fiscal 2011 to $5.6 billion in last year.
Net income has grown much faster, at 11.3% a year, from $135 million to $285 million over the same period.
Filing only last month for its initial public offering with the hope to capitalize on its momentum, Levi Strauss plans to list shares on the New York Stock Exchange under the ticker “LEVI.”
The company was previously public from 1971 to 1985, when a leveraged buyout brought the company back to the private market.
In an updated filing Monday, the San Francisco-based company announced that it was planning to sell 9.5 million shares to the public, at a price likely between $14 to $16 a share.
Existing stockholders plan to sell an additional 27.2 million shares in the IPO, which won’t result in any proceeds to Levi Strauss.
The company will have 385.5 million shares outstanding following the offering.
Source: Smart Trend Team