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Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Levi Strauss returns to public markets, shares priced at $ 17 each

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



After an absence of more than 3 decades, the inventor of the blue jean is back in the public markets.

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – Sm Mt (0.8em) – sm" type = "text" content = "Shares of Levi Strauss ( LEVI ) began trading on Thursday morning on the New York Stock Exchange under the ticker LEVI, the shares opened at $ 22.22 per share or more than 30% over the company's IPO price of $ 1

7. This puts the company's market value over $ 8 billion. "data-reactid =" 17 "> Shares of Levi Strauss (LEVI) began trading Thursday morning on the New York Stock Exchange under the ticker LEVI. The shares opened at $ 22.22 per share. Share, or more than 30% over the company's IPO price of $ 17. This put the company's market value at over $ 8 billion.

The company had priced its IPO one day earlier, with the price picture $ 17 to $ 16, Levi Strauss suggested earlier this month.

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

<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 "JPM ) leads the offer. "data-reactid =" 20 "> Levi Strauss announced earlier that it was filed for a listing in mid-February, when Goldman Sachs (GS) and JPMorgan Securities (JPM) led the offering.

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

Levi Strauss returns to the public markets with a double class stock structure: The Haas family will take a separate share class with 10 votes per Share, while family members will keep control of the company, which in total manages over three-quarters of the company's shares and 99% of the voting rights

The Denim maker was originally created in 1853 when Bavarian-born Levi Strauss opened a San Francisco store to sell miners under California Gold Rush. ss and partner Jacob Davis obtained a patent for the blue jean in 1873.

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

2018 results

Despite an increasingly competitive and evolving retail background, Levi Strauss has strongly strengthened on the basis of the most recently reported economy.

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

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

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Net income in the financial year fiscal year & nbsp; ending in November grew slightly to $ 285.2 million, up from $ 284.5 million in 2017. Tax year 2018 gross margin of 53.8% expanded 150 basis points from the previous year, "mainly due to increased direct sales to consumers", the company said in a statement. "Data-reactid =" 39 "> The net result of the company's financial year ending November increased slightly to 285.2 million. $, up from 284.5 million. USD in 2017. The tax year 2018 increased the gross margin of 53.8% 150 basis points from the year before "primarily due to increased direct sales to consumers," the company said in a statement.

<p class = "canvas-atom canvas 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-to-consumer business and deepening our relationship with consumers around the world has worked, resulting in both higher annual revenue and gross margins "Chip Bergh, director of Levi Strauss, & nbsp; said 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 stated in a February statement.

Levi Strauss also boasts various geographical revenue streams, with about 16% of 2018 revenue from Asia. Net revenue from Europe, which accounts for almost 30% of total sales in 2019, grew 25% over the previous year.

<p class = "canvas-atom canvas text Mb (1.0em) Mb 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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