Levi Strauss files for IPO

The company seeks NYSE listing under 'LEVI'

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A shopper enters a Levi Strauss & Co. store on the Third Street Promenade in Santa Monica, California
A shopper enters a Levi Strauss & Co. store on the Third Street Promenade in Santa Monica, California Credit: Martina Albertazzi/Bloomberg

Jeans maker Levi Strauss & Co. has filed to go public as it looks to continue its global expansion, seeking listing on the NYSE under ticker "LEVI."

The paperwork was filed with an initial offering size of $100 million, a placeholder amount that's used to calculate fees and will typically change. CNBC reported that the denim maker is looking to raise $600 million to $800 million.

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The company, founded in the 1800s, has been expanding overseas. Now 45 percent of its sales come from outside the Americas. Its revenue hit $5.6 billion in its year ended November 2018, putting it about on par with Harley-Davidson Inc. in terms of size. The initial public offering comes at a precarious time for the denim industry, with the category losing market share to jogging pants and other apparel. The company said in the filing that it sees a "significant opportunity" to boost its presence in emerging markets such as China, India and Brazil. China represents roughly 20 percent of the global apparel market, but only represented 3 percent of Levi's revenues, it said.

—Bloomberg News

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