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Levi Strauss Prices IPO At $17 A Share

Levi Strauss & Co. (LEVI) has priced its initial public offering at $17 per share on Wednesday afternoon, above its expected range, raising over $600 million in proceeds.

The iconic denim jeans company had earlier said it expected to price its shares between $14.00 and $16.00 per share raising as much as $587 million through the IPO. Levi Strauss had said it will offer 9.47 million shares in the offering, while selling stockholders are offering 27.20 million shares.

At the $17 per share price, the company would be valued at roughly $6.55 billion, based on the outstanding share count in SEC filings. Shares will begin trading on the New York Stock Exchange under the ticker symbol LEVI on Thursday.

This is the second time that Levi Strauss is going public. The company earlier went public in 1971, but was again taken private in 1985 through a leveraged buyout and has been a privately-held company ever since.

Levi Strauss, which claims to have created the first pair of blue jeans in 1873, continues to wield its dominance in the denim retail industry even after more than 145 years. The company was founded in San Francisco, California in 1853 as a wholesale dry goods business.

As of January 30, 2019, Levi Strauss' products were sold in over 50,000 retail locations, including approximately 3,000 brand-dedicated stores and shop-in-shops. The company had 831 company-operated stores and approximately 500 company-operated shop-in-shops.

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