Denim company Levi Strauss shares ended trading more than 30 percent higher following its second initial public offering or IPO. Before the inventor of the blue jeans became private for more than 30 years, the company first went public back in 1971.
Under the ticker LEVI, the 166-year-old company’s shares began trading on March 21 on the New York Stock Exchange at $22.41 which is significantly higher than its $17 offering price and is way past the expected range of $14 to $16. This gave Levi’s a market capitalization of $8.64 billion. As of March 25, 7:48 pm GMT-4, the company’s shares is at $21.77 (1.58%).
With JPMorgan Securities and Goldman Sachs leading the offering, the San Francisco, California-based company filed for an IPO back in February with 11 named family members and three groups of unnamed relatives selling their 19.6 million shares based on the IPO filing.
Mimi Haas, the widow of the company’s former CEO Peter Haas sold around a tenth of her stake valued at about $1.3 billion. Other major shareholders of include Peter Haas’s children, Peter Hass Jr. and Margaret Hass, cousin Robert Haas and family members Daniel and Jennifer Haas. Currently, they now own 75.5% of the company’s shares and have a control 74.4% of the company’s voting rights.
Founded in 1853 by German immigrant Levi Strauss, this American clothing company became known worldwide for its Levi’s 501 series which was the first of their kind. But aside from denim jeans, they also sell other Levi’s pants, shoes, jackets and other accessories. It also owns the Dockers brand and the Signature by Levi Strauss & Co. and Denizen brands. Its second IPO came amid increasing competition and an evolving retail landscape.