New York — Levi Strauss expects to raise as much as $587m through an initial public offering , giving it a value of up to $6.17bn as the jeans maker returns to the market after three decades.
The IPO comes at a time when demand for denim is surging, driven by new styles such as high-waist and pinstriped jeans. Smaller rivals American Eagle Outfitters and Abercrombie & Fitch posted strong results last week, boosted by robust denim sales. Levi Strauss, which also sells footwear, belts and wallets, reported annual net revenue of $5.6bn in 2018.
With its IPO filing, the company joins a list of high-profile companies seeking to go public this year, including ride-hailing companies Uber Technologies and Lyft, photo-posting app Pinterest and home-renting company Airbnb.