Levi Strauss & Company, the denim company that tracks its roots for the days of the California Gold Rush, began trading publicly on Thursday for the second time in its 165-year history.
The company's shares were priced at $ 17 each, giving it a valuation of approx. 6.6 billion The stock opened at $ 22.22 and jumped into trading at noon in New York, where the stock market suspended its ban on wearing jeans for the day.
Levi, who sells jeans and Dockers, has undergone a turn for the best part of The Last Decade under its CEO Charles V. Bergh, who joined the company in 201
165-year-old business .]
The company was founded by Levi Strauss, who immigrated to the United States from Bavaria and set up business in San Francisco in 1853 with a wholesale company . Twenty years later, he and a business partner received a patent for "waist overalls" with metal rivets at points of tension – a garment known as the blue jean.
The company first listed its shares in the 1970s, but was taken privately in 1985 through a leveraged buyout led by descendants of Strauss, known as the Haas family. They wanted to take a long-term view of the company rather than focus on short-term results and fluctuations. Strauss died without children in 1902 and left the company to his nephews. Family members have since checked the company.
Levis will raise more than $ 100 million from the offering it plans to use for general business purposes and possibly acquisitions under its regulatory applications. Much of the proceeds from the offer will go to the Haas family.
Members of the Haas family, known for their donations to the University of California, Berkeley, where the business school carries the family name, will hold about 80 percent of the voting shares after the offering.