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Levi Strauss shares surge 31 percent in return to stock market

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Shares in Levi Strauss & Co surged 31 percent in their debut on Thursday, giving the U.S. jeans maker a market value of US$8.7 billion and ...

REUTERS: Shares in Levi Strauss & Co surged 31 percent in their debut on Thursday, giving the U.S. jeans maker a market value of US$8.7 billion and indicating a strong investor appetite ahead of much-awaited listings from Lyft and Uber Technologies.

Levi's second IPO was priced at US$17 on Wednesday, above the expected range, in an oversubscribed offering. The Haas family will retain 80 percent voting control of the public company. The market capitalization of the company is based on outstanding shares of about 390 million, which includes the over-allotment option.

The San Francisco, California-based company sells in 110 countries through 50,000 retail stores and its rivals include Gap Inc and VF Corp's Lee and Wrangler brands.

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