Levi Strauss & Co. filed for a public offering — a sign the iconic maker of denim pants and jackets is betting it can overcome growing competition in the apparel industry.
It filed paperwork with an initial offering size of $100 million, a placeholder amount that’s used to calculate fees and will typically change. CNBC reported that the denim maker is looking to raise $600 million to $800 million. The company’s ticker would be LEVI.
The company, whose bluejeans earned a patent in 1873, intends to use the proceeds from an IPO for “general corporate purposes, including working capital and capital expenditures.”
Levi may also use the cash for “acquisitions or other strategic investments, although we do not currently have any plans to do so.”
The IPO would be led by Goldman Sachs, Morgan Stanley and JPMorgan Chase.
The announcement roiled the shares of apparel companies, with American Eagle Outfitters, Gap and Urban Outfitters all falling sharply.
Levi Strauss is looking to tap the market at time of increased competition for the denim industry.