Levi Strauss (LEVI went public Thursday, March 21.
This is the second time that the company has gone public. It originally went public back in 1971, but was taken private in 1985.
The company priced above range, with trading starting over $22. It had been expected to price around $17 a share.
Levi's CFO Harmit Singh talked to TheStreet about the IPO and why the company settled on a dual-class share structure.
But, let's start from the beginning.
"It's exciting," Singh responded when asked how he felt about the brand's IPO.
"Everybody we met had a Levi's story" on the roadshow, said Singh. He said that, for Levi's, it was different to raise money for an IPO because the company has been around for over 160 years, unlike Lyft or Uber.
He also explained why the company chose to do a dual-class structure.
"Because that's the only way the family would have allowed an IPO and so today, our dual-class structure," he said. "The good news for us is, from the governance perspective, the management of the completely professionally run team right from the CEO down, you know, across all the management layers. And our board is independent, you know, 10 or 11 members on the board are independent. Chip [Bergh, CEO of Levi's] is not. We have two family members and they are committed to running this company for the long term."
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