Iconic denim brand is looking to raise $100 million through the IPO

YarnsandFibers News Bureau 2019-02-22 15:43:00 – USA

Levi Strauss & Co.’s products are sold in more than 110 countries worldwide through a combination of chain retailers, department stores, online sites. It also has a global footprint of approximately 3,000 brand-dedicated retail stores and shop-in-shops.

The 145-year-old, iconic denim brand is looking to raise $100 million through the IPO. (The $100 million is a placeholder amount used to calculate fees and the final size of the IPO could be different.) In November, when reports surfaced that Levi’s was considering a public offering, It is reported that the company could be valued at around $5 billion when it make its debut.

The IPO is being led by Goldman Sachs & Co. and J.P. Morgan Securities, with help from BofA Merrill Lynch, Morgan Stanley & Co. and Evercore Group. Levi Strauss & Co. has filed the required paperwork for an initial public offering after spending more than three decades as a private company.

The number of shares to be offered and the price range for Levi’s proposed offering have not yet been determined. The company said it plans to use the proceeds from its public offering for “general corporate purposes,” including working capital, operating expenses and capital expenditures.” The cash could also be used to make acquisitions. The company is seeking a listing on the NYST under “LEVI.

Levi’s first went public in 1971, but was taken private again in 1985 by descendants of the company founder. The San Francisco-based company had net income of $285 million in the year ended Nov. 25, up from $281 million in the year-ago period. Revenue totaled $5.6 billion, up from $4.9 billion.

Courtesy: Chain Store Age

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