Levi Strauss plans to raise up to $587 million in an initial public offering of company shares.
The San Francisco company said Monday that it’s offering approximately 9.5 million shares, while selling stockholders are offering about 27.2 million shares.
The stock is expected to be priced between $14 and $16 each.
The underwriters will have a 30-day option to buy an additional 5.5 million shares from the company at the IPO price, minus underwriting discounts and commissions.
The shares are expected to be listed on the New York Stock Exchange under the “LEVI” symbol.
The IPO comes at a time when demand for denim is surging, driven by new styles such as high-waist and pinstriped jeans. Smaller rivals American Eagle Outfitters and Abercrombie & Fitch posted strong results last week, boosted by robust denim sales.
In its regulatory filing, Levi Strauss said the proceeds from the listing can be used for future acquisitions that will enhance its portfolio of brands, but has no immediate plans of any takeover.
Levi Strauss & Co. made its first pair of jeans in 1873. The company did go public before, on 1971, but was taken private again in a 1985 leveraged buyout.