The iconic jeans company Levi Strauss & Co. on Monday said it plans to raise $587 million in an initial public offering of its class A common shares.
The company will offer 36.7 million shares at $14 to $16 each, valuing the 165-year-old at about $6.17 billion. Levi reported 2018 net revenue of $5.6 billion.
It will trade under the ticker symbol "LEVI" on the New York Stock Exchange.
With 385.5 million shares outstanding, the San Francisco company is offering approximately 9.5 million shares, while selling stockholders are offering about 27.2 million shares, according to Bloomberg.
Underwriters will have a 30-day option to buy an additional 5.5 million shares at the IPO price, minus underwriting discounts and commissions, Bloomberg said. Underwriters include Goldman Sachs, JPMorgan Chase, Bank of America Merrill Lynch and Morgan Stanley, among others.
Net proceeds are estimated to be about $106.6 million, according to Bloomberg.
Founded in 1853 by Levi Strauss, the clothing maker went public in 1971, but descendants of the founder took it private in 1984, according to Reuters.