Levi Strauss shares jump 35% from IPO pricing level in NYSE debut
Levi Strauss & Co. is a publicly-traded company again, with shares opening at $22.22, 31% above the anticipated IPO price and reaching as high as 35% above the IPO price within minutes. The New York Stock Exchange helped celebrate the denim icon's first trading day by suspending its "no jeans" policy on the trading floor, with traders wearing Levi's instead. In fiscal 2018, Levi's net revenue was $5.6 billion, up 13% from the previous year.
U.S. stocks opened lower on Thursday but soon cut early losses, as investors digest the Federal Reserve's downgrade of the domestic economic outlook for 2019, citing sluggish global expansion. As expected, the central bank kept its key rate at a range of 2.25% and 2.50%, but a more dovish policy stance than investors has undercut the buying appetite on Wall Street. The Dow Jones Industrial Average was virtually unchanged at 25,745, the S&P 500 index added 0.
Levi’s will begin its life as a public company today and more IPOs are coming soon. Ford is investing more in electric vehicles, but it isn't the only auto maker planning for an electric future. Also in focus are results from China’s Tencent, and the Fed’s message about the economy.Get the market numbers you need to start your day with Barron’s audio news briefing.Levi Strauss to offer 36.
Levi Strauss & Co. set terms for its planned initial public offering on Monday, saying in a regulatory filing that it plans to offer 36.7 million shares priced at $14 to $16 each. The denim jeans company would raise $550.5 million at the midpoint of that range. There are 12 banks underwriting the deal, led by Goldman Sachs and JPMorgan.
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