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Levi stock to start trading in New York in $ 620 million IPO



The clothing retailer priced its initial public offering on Wednesday at $ 17 per share, valuing the company at about $ 6.6 billion. That's more than the price range of $ 14 to $ 16 that the company had previously set.
The offering will raise $ 623 million for the San Francisco-based inventor of blue jeans. It is just one of a series of high-profile IPOs expected to hit US markets this year.

The stock's stock will begin trading on the New York Stock Exchange under the ticker symbol "LEVI."

Levi's was first taken into public in 1971 before being privatized in 1985.

Unlike many other retailers today, Levi's is not looking to completely reinvent himself.

It says its core business in men's trousers has been and will continue to be a key driver of overall profits. And it's doubling down on its iconic 501

jeans, which have stayed in style with customers for years and continue to be updated over time

But Levi's is also hoping to shift away from being seen as just a jeans company. "We are focusing on our product design and marketing efforts to reshape our global consumer perceptions from a US men's bottoms-oriented company to a global lifestyle leader for both men and women," it said in a February regulatory filing

 Levi & # 39; "

" " " The company is also looking to expand into key markets such as Ch ina, India and Brazil.

China, for example, makes up about 20% of the global clothing market but only represents 3% of Levi's revenue in the last fiscal year, the company said. It chases Chinese buyers, the brand has installed a new management team in the country that plans to open new outlets and carry out a strategy tailored to the local market.

 Levi's wants to be more than a jeans company, so it's going public

Levi's listing is expected to

Ride-hailing firm Lyft will make its long-awaited debut on Nasdaq next week while investors are watching watching the appetite of US investors as they gear up for a series of big IPOs that are in the pipeline.
If Levi's and Lyft's offerings go well, some experts say he could encourage others to follow suit
"It's going to be a big year for IPOs," Jackie Kelley, EY's Americas IPO leader, told CNN Business last month

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