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The
company, which has 385.5 million shares outstanding, said it
expects to offer 36.7 million shares priced between $14 and $16
per share.
The IPO comes at a time when demand for denim is surging, driven
by new styles such as high-waist and pinstriped jeans. Smaller
rivals American Eagle Outfitters and Abercrombie & Fitch posted
strong results last week, boosted by robust denim sales.
In its regulatory filing, Levi Strauss said the proceeds from
the listing can be used for future acquisitions that will
enhance its portfolio of brands, but has no immediate plans of
any takeover.
Levi Strauss, which also sells footwear, belts and wallets,
reported annual net revenue of $5.6 billion in 2018.
The 165-year-old company, known for inventing blue jeans, said
it wants to evolve into a full-fledged global lifestyle leader
for both men and women.
To attract young customers, brand Levi's is also planning to
expand its tailor shop and print bar that lets consumers
customize and put their own designs on the company's branded
jeans and T-shirts.
With its IPO filing, the company joins a list of high-profile
companies seeking to go public this year, including ride-hailing
companies Uber Technologies and Lyft, photo-posting app
Pinterest and home-renting company Airbnb.
The San Francisco, California based company intends to list as
"LEVI" on the New York Stock Exchange, it said in a filing.
Goldman Sachs, JPMorgan, BofA Merrill Lynch and Morgan Stanley
are part of a 12-member underwriting team handling the IPO.
(Reporting by Diptendu Lahiri in Bengaluru; Editing by Shinjini
Ganguli)
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