Levi’s to return to Stock Exchange

Buoyed by strong sales and profit growth in recent years, US-based apparel maker Levi Strauss & Co has announced plans to return to the stock market after 34 years.

The company filed paperwork with the Securities and Exchange Commission last week but has not yet set a price range or goal for how much it aims to raise, using the placeholder sum of $100 million in its prospectus.

Levi’s, which applied to trade on the New York Stock Exchange under the ticker symbol “LEVI”, had posted a revenue of US$5.58 billion (AU$7.8 billion) in 2018, a 14 per cent increase from the previous year.

The company mentioned 12 underwriters on the deal led by Goldman Sachs & Co. and added it plans to use the proceeds for “general corporate purposes” including operating expenses.

The 166-year-old brand operates 824 standalone stores, including 74 the retailer opened last year.

 

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