Levi Strauss valued at US$6.6bil on IPO price


Valued asset: People pass by a Levi Strauss store in New York City, US. With the stock market hovering near all-time highs, Levi said it priced its IPO at US$17 share, just above its target range of US$14 to US$16, valuing the company at about US$6.6bil. — Reuters

NEW YORK: Levi Strauss & Co fetched a higher price than expected in its initial public offering (IPO) on Wednesday, selling US$623.3mil in shares as the US jeans maker looks to return to the stock market after 34 years as a family-owned company.

The success of the IPO underscores the diverging fortunes of retail companies.

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