Levi Strauss & Co. has found finally found its size -- and it's 17. That's the price of the jean maker's shares ahead of its initial public offering.
The clothing company is slated to offer 36,666,667 shares of its Class A common stock at $17 on the New York Stock Exchange on Thursday, March 21, under the symbol (LEVI .
The company is offering 9,460,557 shares of common stock and selling stockholders are offering 27,206,110 shares of the stock. Underwriters have a 30-day option to buy up to an additional 5,500,000 shares from the company at the IPO price.
The closing of the offering is expected on March 25.
Levis filed with the Securities and Exchange Commission for its proposed IPO in February and earlier this month pegged the price range at $14 to $16 a share.
In February when announcing its fiscal fourth-quarter earnings, the jeans maker reported quarterly net revenues climbed 9% to nearly $1.6 billion, when factoring currency costs that ran up to $32 million. Full year net revenues grew 14% to nearly $5.6 billion.
The California company, who's name has become nearly synonymous with blue jeans, traces its history back to the late 1870s. Jean's inventor Levi Strauss was an immigrant from Bavaria and traveled from New York to California during the Gold Rush, where he eventually started Levi Strauss & Co.
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