Levi Strauss & Co. raised $623.3 million through its IPO, valuing the company at over $6.5 billion. The retailer offered approximately 36.7 million shares at $17 each, and has begun trading on the New York Stock Exchange under the symbol LEVI.
Levi’s planned its IPO, which it filed for in February, following a 14% increase in net revenue during the fiscal year that ended Nov. 25, 2018. The company also reported 18% growth for its direct-to-consumer business, driven by both e-Commerce and Levi’s growing retail network, which included 74 company-owned store openings in 2018.
The company has not been complacent: it recently named Katia Walsh as its first SVP and Chief Strategy and Artificial Intelligence Officer, effective April 29. Walsh will be responsible for building data, analytics and AI enablers for Levi’s innovation incubation, new business models and strategic growth initiatives.