Levi Strauss files for initial public offering

Iconic denim jeans company Levi Strauss & Co. Wednesday said it has filed for an initial public offering. The 145-year old company plans to list its shares on the New York Stock Exchange under the symbol "LEVI."

The company said the number of shares to be offered and the price range for the proposed offering have not yet been determined. Previously, CNBC had reported that Levi's was looking to raise between $600 million and $800 million aiming to debut with a valuation of upward of $5 billion.

The San Francisco-based company has tapped Goldman Sachs and J.P. Morgan to manage the deal.

Levi's goes public

Proceeds of the deal will be used for general corporate purposes, including acquisitions or other strategic investments, as well as for operating costs and capex.

Levi Strauss & Co., which claims to have created the first pair of blue jeans, continues to wield its dominance in the denim retail industry almost 150 years after it was founded in San Francisco in 1873. Although the company failed to meet customer expectations or bring in new innovations to its fashion trends in previous decades, since the 2010s Levi's is back to its popularity. The company is closely held by descendants of the family of Levi Strauss.

In the fourth quarter of 2018, net revenues of Levi Strauss rose 9 percent to $1.59 billion, but profit dropped 17 percent to $97 million. Full-year revenues grew 14 percent to $5.58 billion, with net income of $285 million. (dpa)

Picture: Levi Strauss