Levi Strauss & Co. (LEVI) opened for trading Thursday on the New York Stock Exchange at $22.22, sharply above its $17 a share initial public offering price.
The clothing company will sell about 36.7 million shares of its Class A common stock. The IPO valued the jeans maker at $6.6 billion.
At last check, the stock was trading at $22.68, up 33.4%.
The company is offering 9.5 common shares and selling stockholders will offer 27.2 million shares. Reports have said the offer was more than 10 times oversubscribed.
Levi Strauss filed with the Securities and Exchange Commission for its proposed IPO in February and earlier this month indicated the price range at $14 to $16 a share.
It’s the second time the company has gone private. The first time was in 1971. Levi Strauss was taken private in 1985.
In February, when announcing its fiscal fourth-quarter earnings, the jeans maker reported quarterly net revenue climbed 9% to nearly $1.6 billion, when factoring currency costs that ran up to $32 million. Full-year net revenue grew 14% to nearly $5.6 billion.
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