WATCH: Levi Strauss shares surge 31 percent in stock market return via ReutersTV
- Shares in Levi Strauss & Co surged 31 percent in their debut on Thursday, giving the jeans maker a market value of $8.7 billion and suggesting strong investor appetite before much-awaited listings from Lyft and Uber.
“Denim continues to prove prevalent in streetwear and on the runway, so we’re not expecting it to go anywhere any time soon,” an analyst at retail analytics firm Edited said. “That’s why now is a great time for Levi’s to capitalize on this momentum.” Levi Strauss & Co. CEO Chip Bergh rings the opening bell on New York Stock Exchange during the company's IPO in New York, U.S., March 21, 2019. REUTERS/Lucas Jackson
“The company and the underwriters targeted a reasonable valuation to start and allowed the true investor demand to dictate price which ultimately came one-dollar above range.”
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