Levi Strauss buttons up for IPO
Levi Strauss on Wednesday filed documents ahead of a public listing on the New York Stock Exchange, with the jeans maker returning to public markets after more than 30 years of private ownership.
The paperwork submitted by the iconic denim fashion manufacturer, which intends to list on the index as "LEVI", indicates an IPO of $100m, though this is a placeholder amount that can be altered, as CNBC reported that the company is looking to raise between $600m and $800m.
The funds raised will be used for "general corporate purposes, including working capital and capital expenditures", though the company may also use the cash for "acquisitions or other strategic investments, although we do not currently have any plans to do so".
The 143 year-old company was taken private in 1985 by descendants of its founder but has still been required to report quarterly earnings with US regulators as it its Japanese arm, Levi Strauss KK, is publicly traded in Tokyo, with its most recent report showing 9% revenue growth to $1.59bn.
However, the denim industry faces stretchy competition amid a consumers trend towards 'activewear'.
Nevertheless, Levi's sells its jeans and jackets in more than 50,000 retail locations, including about 3,000 standalone stores and concessions across 110 countries.
The filings show the company sees growth opportunities for its products in Brazil, China and India, as well as in an expansion of its product ranges for female consumers.