Today, the denim giant Levi Strauss & Co. filed for an initial public offering, and it won’t be long before we see the symbol LEVI on the New York Stock Exchange ticker.
In its paperwork, the company said it was planning to raise up to $100 million, but that is subject to change. The deal will be led by Goldman Sachs and JPMorgan, and underwritten by a total of 12 banks.
The company is best known for its denim brand Levi’s and also owns Dockers. It is one of America’s oldest and best-known brands, with a history that goes back to 1853, when it launched as a dry goods store in California. The company has been doing well in recent years. In 2018, it’s revenues were $5.6 billion, up from $4.9 bullion the previous year, with a net income of $285 million up from $281 million.
It is unclear exactly why Levi’s chose this moment to IPO. The company says the money will be used for acquisitions and other strategic investments, along with other corporate purposes and operating costs.