US jeans manufacturer Levi Strauss & Co. has just gone public, reaching a valuation of $6.6 billion, Reuters reported yesterday. The company expected to reach a valuation of $5 billion.
Levi Strauss has reported that the company's shares are valued at $17 each, above its target range of $14-$16. Levi Strauss shares have just begun trading today on the New York Stock Exchange (NYSE) under the ticker LEVI.
The company went public for the first time in 1971, however, the Haas family (Levi Strauss) bought all its shares in 1985, making the company private again.
Experts believe that well-known brands, such as Levi, will continue to grow in spite of the massive closure of physical stores.
Levi Strauss was founded in 1853 and claims to be the inventor of blue jeans.
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