Levi Strauss IPO Orders Are Directed Above Price Range
Levi Strauss IPO Orders Are Directed Above Price Range
(Bloomberg) -- The Levi Strauss & Co. initial public offering has gotten a warm reception from investors, who are being advised to place their orders above the publicly disclosed offering range, according to a person familiar with the matter.
The jeans maker is offering shares at $14 to $16 each in an IPO that’s expected to price on Wednesday after the market closes. Raising up to $675 million, it could become the year’s largest U.S. listing to date. A total of 36.67 million shares are being offered, with the company offering 9.47 million of those and the remainder coming from existing holders.
A spokesperson for the company declined to comment. Bloomberg Intelligence on Tuesday called the IPO valuation "too skinny" given Levi’s prospects for apparel-share gains as denim makes a comeback.
--With assistance from Matt Townsend.
To contact the reporter on this story: Drew Singer in New York at dsinger28@bloomberg.net
To contact the editor responsible for this story: Courtney Dentch at cdentch1@bloomberg.net
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